Key Insights:
- Solana DEX volume surpasses Ethereum and BSC.
- Breakout suggests targets of $150 and $200.
- Canada approves world’s first spot Solana ETFs.
Solana ($SOL) has surged ahead of Ethereum and Binance Smart Chain (BSC) in 7-day decentralized exchange (DEX) volume. This shift in trading activity is seen as a positive indicator for the network’s growing strength and is fueling optimism about the token’s price potential. Analysts predict Solana’s price could soon reach new highs, possibly surpassing $150 and even $200.
DEX Volume Surge and Market Confidence
Solana has reached an impressive $15.74 billion in DEX volume over the past seven days. This represents a significant increase in trading activity, especially when compared to Ethereum’s $14.93 billion and BSC’s $6.05 billion. DEX volume is often a strong indicator of market confidence, reflecting increased participation and liquidity on the network.
Increased DEX volume signals heightened investor interest, suggesting that Solana’s decentralized applications (dApps) and DeFi ecosystem are gaining traction. The recent surge in trading volume indicates a shift in market focus, with more traders opting for Solana over established platforms like Ethereum and BSC.
Breakout from Parallel Channel Signals Bullish Trend
Furthermore, in parallel, the market analysts highlight a breakout from a parallel channel as another strong bullish signal for Solana. According to analyst Lordofalts, this breakout from the top boundary line of the channel implies a new high for Solana. Once it breaks above the parallel channel, it will rise to resistances around $150 and possibly $200.
Solana was previously confined in a narrow range within the parallel channel. A breakout from this pattern means that the previous trend is almost over and a new trend is beginning. According to analysts, the bullish momentum is likely to hold and push the price to a new high in the near future.
Technical Indicators Support Bullish Outlook
Several key technical indicators reinforce Solana’s bullish outlook. The RSI (Relative Strength Index) is 55.19, above the middle or 50 mark, which means it has become more bullish. Also, the RSI has room to go up before Solana’s price hits overbought levels, indicating the rising price might still potential for grow.
The other indicator supporting the bullish trend is the MACD (Moving Average Convergence Divergence), whose line at 2.82 is way above the signal line at 0.08. This translates to an uptrend in the market’s momentum and shows a high increase in buying pressure. CVD also displays a positive net volume of buying of 180.29K, which means buyers are in control.
Canada Approves First Spot Solana ETFs
On April 16, the Ontario Securities Commission (OSC) approved the launch of the world’s first spot Solana ETFs. Issuers like Purpose, Evolve, CI, and 3iQ will list these ETFs on Canadian exchanges.
These funds will hold physical Solana and include features like staking rewards. While staking yields may be lower than Ethereum’s, the structure offers reduced ETF holding costs and opens up institutional access to SOL.
Price predictions place Solana at $149.72 by May 17, 2025—an expected 12% gain from current levels. Although sentiment remains neutral, the Fear & Greed Index is at 33, indicating “Fear.” In the last 30 days, Solana has seen 17 green days (57%) and 13 red days (43%), with a 7.52% volatility rate.
Disclaimer
This article is for informational purposes only. Crypto investment involves inherent risks due to the volatility in price. Readers should conduct their research before making any investment decision. Also, you can consult a crypto expert before investing in cryptocurrencies.
