Solana's monthly chart shows a "golden cup," potentially signaling a $400 price target
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Solana's monthly chart shows a "golden cup," potentially signaling a $400 price target
Solana's total transaction volume share has surpassed the combined shares of Base, BNB Smart Chain, Arbitrum, and the Ethereum network.
Navigating Web3 tides with focused insightsBy Bitpush
Financial markets started the week on a positive note.
Bitcoin briefly rose above $92,000 today, pulled back to retest the $90,000 level, and was trading at $90,556 at the time of writing, up less than 1% over the past 24 hours.
In the meantime, altcoins broadly rallied.
Solana (SOL) hit a three-year high of $248.19. Among the top 200 cryptocurrencies by market cap, Tezos (XTZ) performed best with a 49.2% gain, followed by Hedera (HBAR) and Iota (IOTA), rising 41.8% and 25.5% respectively. The meme sector corrected, with Goatseus Maximus (GOAT) down 13.9%, cat in a dogs world down 7.3%, and Popcat (POPCAT) down 6.5%.
The total cryptocurrency market capitalization currently stands at $3.08 trillion, with Bitcoin’s market dominance at 58.39%.
On Wall Street, the S&P 500 and Nasdaq indices closed up 0.39% and 0.60% respectively, while the Dow Jones Industrial Average fell 0.13%.
Solana DEX Volume Surpasses Previous Record by 100%
Analysts believe that compared to short-term aggressive rallies seen in assets like XRP and Cardano, Solana has demonstrated more sustainable growth over recent weeks. Consistently rising on-chain data indicates that Solana’s ecosystem is developing healthily, attracting increasing numbers of users and developers.
According to DefiLlama, weekly trading volume on Solana-based decentralized exchanges (DEXs) reached a record $41.2 billion last week. The prior peak was around $18 billion (the previous week) and $17.5 billion in March 2024. Solana’s most recent weekly volume exceeds its earlier records by over 100%.
In fact, Solana’s share of total DEX trading volume has surpassed the combined share of Base, BNB Smart Chain, Arbitrum, and Ethereum. In the past 24 hours, Solana accounted for 48.27% of total volume, with Base network ranking second at 10.55%.
Crypto researcher Aylo made a key comparison between Solana and Ethereum, noting that Ethereum’s DEX trading volume peaked at $37 billion in May 2021.
Aylo added: "If SOL/BTC can reach a new all-time high, it will achieve what ETH failed to accomplish in the last cycle. Even during the DeFi and NFT boom, ETH/BTC never came close to its June 2017 all-time high."
Solana’s Price Target Could Reach $400 After Breaking All-Time High
Independent on-chain analyst Titan of Crypto highlighted bullish indicators on Solana’s monthly chart, where the pattern is currently breaking out in a positive direction.
Observations show that Solana’s monthly candlestick chart has formed a cup and handle pattern—a formation with a 95% success rate for upward breakouts and an average profit margin of 54% post-breakout. The trader added, "Once it breaks above its previous all-time high, it could surge directly to $400."
A breakout above the upper boundary of the cup and handle pattern signals that bulls have fully taken control, potentially ushering in a new phase of price appreciation. Another independent analyst, Jelle, emphasized that SOL has turned its previous annual high into support.
Meanwhile, CoinGlass data shows Solana has registered positive spot buying volume over the past 30 days, second only to Bitcoin among the top 10 crypto assets (excluding stablecoins).
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