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Last updated:
August 10, 2024 04:29 EDT
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Last updated:
August 10, 2024 04:29 EDT
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Solana (SOL) has gained momentum over the past two days, recovering from $110.58 to reach an intra-day high of $156.15 on Saturday. The cryptocurrency has halted its losses and regained bullish traction. Several positive developments, including record trading volumes on Solana’s decentralized exchanges (DEX), have contributed to this upward trend. According to Foresight News, data from DeFiLlama indicates that DEX trading volume on Solana has surpassed $4 billion in the past 24 hours, setting a new all-time high. Additionally, Solana leads major blockchains in terms of the weekly number of transactions.Meanwhile, Solana (SOL) has been one of the top performers in the current crypto cycle, boasting a 20x increase from its bear market lows. According to renowned crypto analyst Miles Deutscher, the rally may just be beginning, with the potential for a 5-10x upside that could see SOL reach $1,000. Additionally, Peter Brandt has predicted that Solana (SOL) could outperform Ethereum (ETH) by 100% in the coming months.According to the latest report, DeFiLlama data shows that Solana’s decentralized exchanges (DEX) have set a new record by surpassing $4 billion in trading volume over the past 24 hours. This milestone marks a significant surge in activity on Solana’s platform, achieving an all-time high. The record-breaking trading volume underscores the growing interest and engagement in Solana’s DEX ecosystem, reinforcing the bullish momentum for Solana (SOL) and highlighting its increasing prominence in the cryptocurrency market. This impressive $4 billion trading volume not only boosts market confidence in Solana (SOL) but also potentially drives further bullish momentum and strengthens its position in the crypto market.
According to the TOP 7 ICO, Solana leads the market with the highest transaction numbers. It has seen 245M transactions in the recent 7 days.https://t.co/JfT8E1eLJw— Blockchain Reporter (@blockchainrptr) August 10, 2024
Therefore, the record $4 billion trading volume on Solana’s DEXs boosts market confidence in SOL, signalling strong engagement and driving further price gains and bullish momentum in the cryptocurrency market.According to a recent analysis by TOP 7 ICOs, Solana leads the blockchain market with the highest transaction volume, recording 245 million transactions over the past week. Additionally, Solana boasts 1.68 million active addresses and a fully diluted market cap of $90.4 billion. Following Solana, Tron reports 49.5 million transactions and 2.2 million active addresses, while Near Protocol has 42.6 million transactions and 2.85 million active addresses.BNB Chain, Sei, SUI, Polygon, Injective, and Arbitrum also feature prominently, each with varying transaction volumes, active addresses, and market caps.This news highlights Solana’s dominance in transaction volume, reinforcing its leading position in the blockchain market. Such high activity and market cap boost investor confidence, driving SOL’s price higher.Solana (SOL) is demonstrating strong growth potential, with a remarkable 20x increase from its bear market lows. Analyst Miles Deutscher forecasts a possible 5-10x gain, which could propel SOL to $1,000. This optimism is driven by Solana’s consistent performance, its leading role in the DeFi space, record-breaking Total Value Locked (TVL), and robust revenue generation. The upcoming Firedancer upgrade is expected to significantly enhance transaction speed while rising institutional interest and the potential approval of an SOL ETF could further boost its price.Currently trading at $153.59, Solana’s market cap stands at $71.6 billion.This news boosts Solana (SOL) by highlighting its growth potential, with a forecasted 5-10x gain and key upgrades. Positive developments and institutional interest could drive SOL’s price higher.Peter Brandt forecasts that Solana (SOL) could outperform Ethereum (ETH) by 100% in the coming months. According to the SOLETH ratio, which measures SOL’s performance relative to ETH, a rising ratio indicates that SOL is gaining ground. Currently at 0.059, Brandt predicts a breakout at 0.11, suggesting significant potential gains for SOL.Recently, SOL has increased by 12%, while ETH has decreased by 2.7%. Solana continues to show strong performance, leading in active addresses and DEX volumes, although Ethereum still holds a higher total value locked (TVL) of $48 billion compared to SOL’s $4.9 billion.Solana (SOL) Consolidates, Key Levels to Watch for BreakoutSolana (SOL) is currently trading at $154.22 on the 4-hour chart, with a key pivot point at $153.28. The immediate resistance is at $163.64, followed by further resistances at $175.09 and $186.92. On the downside, immediate support is located at $150.31, with additional supports at $141.86 and $131.35.Technical indicators show mixed signals. The RSI is at 54.54, indicating a neutral stance but leaning slightly towards bullish territory. The 50-day Exponential Moving Average (EMA) is at $153.28, with the price hovering just above it, suggesting potential for a continuation of the short-term bullish trend.Given the current setup, Solana appears to be in a consolidation phase. A break above $163.64 could trigger further upward momentum, while a fall below $150.31 may signal renewed bearish pressure.Memegames ($MGMES) Presale: An Exciting New Meme Coin on the HorizonWithin just three days of its launch, Meme Games ($MGMES) has raised around $315k, indicating strong investor interest. Priced at $0.00915 per token, $MGMES is already generating significant excitement.As meme coins continue to capture the crypto market’s imagination, Meme Games promises to be a standout contender.Join the Meme Games – Competitive SpiritInspired by the Olympics, Meme Games features virtual competitions among top meme coins.Characters like Doge the OG, Pepe the Versatile, Wif the Trendsetter, Brett the Conqueror, and Turbo the Speedster compete in various events, with participants earning $MGMES tokens as rewards.
To join the action, secure your $MGMES tokens now during the ongoing presale. The current price of $0.009 per token will soon increase, so act quickly to take advantage of this opportunity.Presale and Future ProspectsMeme Games is set to list on decentralized exchanges (DEX) by September 10. As the listing date approaches, the token price is expected to rise significantly.The presale offers a great entry point for investors looking to capitalize on this potential growth. With a market cap target of $792,208, the $MGMES presale is well on its way to success.Don’t miss out on the Meme Games presale. Secure your $MGMES tokens now at $0.00915 each before the price increases.Visit the Meme Games website to participate in the presale and stay updated on the project’s progress by joining their community on X and Telegram. The smart contract has passed a full audit by SolidProof, ensuring the security and reliability of your investment.Buy Memegames Here
