Technically - Day trend
After slipping below the crucial support levels of 220 and 215, Solana has now descended to test the 180 support line—previously a resistance on October 29, 2024. Excitingly, the SMA 5 is crossing over the SMA 10, signaling a potential upward trend ahead! Keep an eye on this development; it might just indicate a shift in momentum for Solana!
DEX Volume
Additionally, Solana’s dominance in DEX volume has been evident lately, surpassing $100 billion for another month. It continued to lead other chains too. Ethereum followed with a trading volume of $77.201 billion – A sign of a competitive, but lower performance.
Other platforms like Base and Binance Smart Chain (BSC) reported volumes of $44.51 billion and $41.739 billion, respectively, further highlighting Solana’s market lead.
Smaller chains like Arbitrum, Sui, and Avalanche contributed $30.432 billion, $9.24 billion, and $7.332 billion, respectively. These findings were a sign of their growing, but still modest share in the DEX market.
Finally, the anticipated altcoin rally projected an uptrend in the total market cap, specifically highlighting an altcoin season.
This pattern suggested that SOL, while already exhibiting bullish tendencies, could benefit significantly as market conditions favor altcoins.
With the market cap surpassing $3.36 trillion, the environment appears to be ripe for a Solana rally right now. Especially in the first quarter of 2025. This could potentially drive SOL to new highs, paralleling or even surpassing its previous peaks.
Monitoring Solana closely is crucial as it could mirror or capitalize on the broader altcoin surge, enhancing its valuation and market position.