This week, the financial market opened well.

Bitcoin briefly rose above $92,000 today, retracing to the $90,000 mark during the session, and as of the time of writing, the trading price has risen to $90,556, with a 24-hour increase of less than 1%.

Source: Bitpush

Meanwhile, altcoins are rising broadly.

Solana ($SOL) reached a three-year high of $248.19, with Tezos ($XTX) performing the best among the top 200 altcoins, rising by 49.2%, followed by Hedera ($HBAR) and Iota ($IOTA), which rose by 41.8% and 25.5%, respectively. The meme sector retraced, with Goatseus Maximus ($GOAT) down 13.9%, cat in a dogs world down 7.3%, and Popcat ($POPCAT) down 6.5%.

Currently, the overall market capitalization of cryptocurrencies is $3.08 trillion, with Bitcoin's market share at 58.39%.

At the close of the U.S. stock market, the S&P Index and Nasdaq Index rose by 0.39% and 0.60% respectively, while the Dow Jones Index fell by 0.13%.

SolanaDEX trading volume is more than 100% higher than the previous record.

Analysts believe that compared to the short-term aggressive gains of coins like XRP and Cardano, Solana has shown a more robust growth trend over the past few weeks. The continuous growth of on-chain data indicates that Solana's ecosystem is developing healthily, attracting more and more users and developers.

According to data from DefiLlama, the trading volume of Solana decentralized exchanges (DEX) reached a record $41.2 billion last week. Previously, the highest weekly trading volume was about $18 billion (the week before) and $17.5 billion (March 2024). The trading volume of Solana in the past week was more than 100% higher than the previous record.

Source: DeFiLiama

In fact, Solana's total trading volume market share exceeds the combined market share of Base, BNB Smart Chain, Arbitrum, and the Ethereum network. In the past 24 hours, Solana accounted for 48.27% of total trading volume, with Base network in second place with a 10.55% market share.

Cryptocurrency researcher Aylo made a critical comparison between Solana and Ethereum, pointing out that Ethereum's DEX trading volume peaked at $37 billion in May 2021.

Aylo added: 'If $SOL/BTC can set a new historical high, it will achieve a target that Ethereum could not reach in the last cycle. Even amidst the DeFi and NFT frenzy, Ethereum/BTC did not come close to its historical high from June 2017.'

Once it breaks through the historical high, Solana's target price will reach $400.

Independent on-chain analyst Titan of Crypto highlighted bullish indicators on Solana's monthly chart, with the pattern currently breaking out in a positive direction.

Source: Bitpush

It has been observed that Solana's monthly K-line chart has formed a cup and handle pattern, which has a success rate of 95% for upward movements, with an average profit margin of 54% after a breakout. Traders added: 'Once it breaks through the previous high, it may soar directly to $400.'

When the price breaks above the upper edge of the cup and handle, it indicates that bullish power has completely taken over, and the price is likely to start a new upward trend. Another independent analyst, Jelle, emphasized that $SOL has turned its previous annual high into a support level.

Source: Bitpush

Meanwhile, CoinGlass data shows that Solana's 30-day spot buying volume is positive, second only to Bitcoin among the top 10 cryptocurrencies (excluding stablecoins).

【Disclaimer】The market has risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk.

  • This article is reprinted with permission from: (Foresight News)

  • Original author: Bitpush

'Is a Solana bull run coming? Analyst: The monthly line shows a golden cup trend, expected to surge to $400.' This article was first published in 'Crypto City'.