Solana (SOL) recently surpassed Ethereum in decentralized exchange (DEX) trading volume, attracting market attention and speculation of an impending bull run.

Current Market Dynamics

Trading Volume Leading: Solana’s 7-day DEX trading volume reached $11.8 billion, while Ethereum’s was $9.2 billion, which has led many to speculate whether Solana is preparing for a major bull run.

Price Action: Currently, SOL is trading at $153.09 and is still trending upward despite a slight decline. The key resistance level is $163.66, and a break above this level could trigger a rally.

Technical Analysis

Indicators show: The relative strength index (RSI) is 52.31, indicating neutral momentum; while the moving average convergence divergence indicator (MACD) suggests that underlying bullish strength is increasing.

Whale Activity

Whale Hoarding: Top holders with more than $5 million control 57.07% of the stablecoin supply. This shows that whales are strategically accumulating SOL, which usually indicates price increases.

Liquidations and Open Interest

Market Volatility: $3.4839 million of long positions were liquidated in the past 24 hours, showing high market leverage that could exacerbate price volatility.

Open Interest Growth: SOL’s open interest increased by 2.26% to $2.45 billion, indicating rising interest among market participants.

Summary

Given SOL’s strong performance and whale accumulation, the bull potential is clear. The market could move up quickly if it can break through resistance and avoid more liquidations. However, traders still need to be cautious to weather potential market volatility. #BTC要挑战7W大关了吗？ #特朗普家族加密项目 #美国大选如何影响加密产业？