The Solana (SOL) cryptocurrency shows significant growth across key metrics, including user activity and trading volumes on decentralized platforms.
Increase in Activity and Trading Volumes
This week, Solana's price held steady at $135, which is up 40% from its lowest level this month. The market capitalization reached nearly $70 billion. The trading volume on Solana's decentralized exchanges (DEX) increased to $2.27 billion over 24 hours, surpassing Ethereum's $1.52 billion. The week ended with a volume of $16.14 billion, also higher than Ethereum's $12.36 billion and BSC's $6.5 billion. Nansen data indicates that the number of active addresses for Solana rose by 17% in the last seven days to 29 million.
Technical Analysis of Solana Price
Technical analysis indicates that the price of SOL bottomed at $94.65 earlier this month, rebounding to its current $135. The price has managed to break above the key support level at $120. The MACD and RSI indicators are continuing to rise, with the RSI above the neutral point of 50, and MACD approaching the zero line.
Prospects and Ecosystem Development of Solana
Some tokens within the Solana ecosystem also saw growth: the Pudgy Penguins token rose by 12%, while Popcat (POPCAT) increased by 10%. Additionally, American technology company Janover continues to increase its investments in Solana tokens, purchasing $10 million worth of tokens and raising its total holdings to $21 million.
The growth in activity and prices for Solana indicates that the ecosystem continues to evolve, attracting new users and investors, despite the overall market volatility.
