This week the price of Solana continued to rise, reaching a record high of $180. It is now at its highest since July 31st. The price has increased by more than 65% since its low point of September. It now stands at a value of about $106 billion and an estimated market cap of $84 billion.
Solana would rank 160th in the world if it were a global company. This would make it bigger than ABB, Shopify Rio Tinto and Lam Research.
Close the Gap with Ethereum
Solana’s price is on the rise as it continues to close the gap between Ethereum and the other networks that have dominated this industry for years.
In many industries, data shows Ethereum to have a significant advantage over Solana. Data from DeFi Llama, for example, shows that Ethereum is the leader in decentralized applications, with over 1,200, while Solana only has 171.
Ethereum applications are worth $50 billion (TVL), while Solana applications only have assets of $6.36 million. In this measure, Ethereum’s applications are about eight times bigger than Solana.
Ethereum also has a much larger stablecoin market than Solana. The stablecoins are worth over $83 billion, which is a much higher figure than Solana’s $3.7 million.
Due to their importance in money transfer, stablecoins are now the biggest part of the crypto-industry. It has been reported, for example that countries with high sanctions like Russia and Venezuela are using these stablecoins to finance their trading.
These stablecoins allow them to access US Dollars, which otherwise they would not be able to do due the sanctions.
In spite of all that, it appears Solana has a much higher growth rate than Ethereum.
The network is home to 7.2 millions active addresses. This figure is much higher than Ethereum, which has 389,347. Solana has more users than Ethereum.
Solana has lower transaction fees and faster speeds than Ethereum. Ethereum fees have reached $2.06 billion this year, while Solana’s revenue is $421 million.
Solana DEX Volume is Soaring
Solana is the second largest chain of the industry for decentralized exchanges (DEX), an industry in which Ethereum dominates.
Solana’s DEX network like Raydium Orca Lifinity Phoenix and Drift. This month these DEX networks handled volume of over $51 billion, which is the highest since July.
Raydium has processed over $9.7 billion worth of assets during the past seven days. Orca, Lifinity and Phoenix have handled more than $1 billion.
Ethereum handled 40 billion dollars in October. Uniswap and Curve Finance had the largest market share. The only two networks that had a total volume over $1 billion were Uniswap and Curve Finance.
This is a risky move, since Uniswap has launched UniChain, a layer 2 network that will be cheaper and more customizable.
Solana’s rapid growth can be attributed to its dominance in the meme-coin industry. Solana’s meme coins are valued at over $12 billion according to data. This is notable since the first Solana coin was launched in 2022.
Dogwifhat is the largest Solana meme, with a valuation of $2.2 billion. Popcat, Bonk and Cat in a dog’s world are also valued at over $1 billion.
Solana memes have a higher volume each day than mainstream coins. Its 24-hour volume, for example, was close to $3 billion. This figure will continue to grow in the short term.
Solana is also a major player in artificial intelligence and Decentralized Public Infrastructure. The network is used by popular DePIN names like Render Helium and Hivemapper.
Solana price prediction
TradingView SOL Chart
The technicals indicate that Solana will continue to rise. The daily chart shows that Solana’s price bottomed out at $110 back in August, as the Japanese carry trade unraveled after the Bank of Japan announced a rate increase.
It has since bounced back to $180, which is its highest price level since the 30th of July. The price is approaching an important resistance level at $210, which represents the high for the entire year.
Solana found its bottom around $122, a level it has not moved below since April of this year. It has formed a gold cross, based on the weighted moving averages of 200 days and 50 days. A golden cross is usually accompanied by more profits over the course of time.
Relative Strength Index and other oscillators continue to rise. The Solana Token will continue to rise as bulls aim for the high of the year, $210 which is approximately 17% higher than the current price.
The post Solana Price Forms Rare Bullish Pattern, Closes Gap with Ethereum might be updated as new information becomes available.
