Solana (SOL) has caught the attention of the crypto market, rising 2.47% to reach $245.87 in its latest trading session. This upward momentum highlights the growing strength of Solana’s ecosystem, which continues to impress with its speed and efficiency.
As the network proves its resilience, attention has turned to whether SOL can surpass the $244 resistance level and reclaim the key $250 mark.
SOL/BTC Shows Bullish Momentum
Solana’s rise hasn’t been without challenges, but its performance against Bitcoin (BTC) has become a focal point for traders. The SOL/BTC price ratio has recently seen a breakout, rising by more than 1% in just one week. This move comes after months of a tight trading range, often referred to as triangular consolidation in technical terms.
Meanwhile, this breakout suggests that the bulls are finally taking control, pushing the price upwards after a prolonged period of indecision between buyers and sellers.
Adding to the optimism, the Moving Average Convergence Divergence (MACD) indicator has crossed into positive territory, signaling the return of bullish momentum for Solana.
DEX Activity Hits Record-Breaking Levels
Solana’s decentralized exchanges (DEXs) are setting records, further solidifying the network’s position in the crypto space. Over the past week, Solana-based DEXs saw trading volumes soar to $41.6 billion, marking the highest weekly figure ever.
To put this into perspective, Solana’s volume alone surpassed the combined DEX volume of Ethereum, Binance Smart Chain (BSC), and Base, which totaled $37.9 billion. Of that, Ethereum contributed $14.3 billion, while Base and BSC each accounted for over $11 billion.
This growth highlights Solana’s increasing popularity, especially among retail investors looking to trade popular assets like memecoins.
Solana Outshining Competitors
Despite being known for its cost efficiency, Solana is also competing in terms of fee revenue. The Solana-based DEX Raydium generated $72.83 million in fees over seven days, surpassing Ethereum’s $67 million by 8%.
Meanwhile, Bitcoin (BTC) lags with just $15 million in fees during the same period. These figures reflect Solana’s efficient and cost-effective network, making it an attractive choice for both traders.
As more institutional players and retail investors flock to Solana, it’s becoming increasingly clear that this blockchain is more than just a flash in the pan.
