The Solana ecosystem is swelling hard with the projects that have been gaining mainstream attention. After the memecoins exploded heavily, the platform witnessed an unexpected rise in the DEX volume, surpassing Ethereum, while the TVL soared to new highs. Since then, the Solana-based projects have received immense attention from traders, causing a steep rise in prices. They have also been the lead performers of the day, outperforming the popular ones.
Now, Solana has again surpassed Ethereum in other terms as it takes the lead in weekly stablecoin transfer volume. The investors chased yields, airdrops, and high returns from the memecoin buzz. The volume soared beyond $360 billion, overtaking the volume of Ethereum of around $150 to $153 billion. With this, Solana accounts for nearly 42% of the total stablecoin market share, a significant rise from 1.9%, a year ago. This may also have a major impact on the SOL price, which is at the foothills of a major explosion.
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The daily chart of the Solana price suggests the token is experiencing a volume squeeze, which may impact the volatility. This may contract the Bollinger bands to a large extent, which has already started with its action. Besides, the RSI has displayed a bullish diversion, which substantiates the upcoming bullish claim. Therefore, the SOL price appears to be pretty confident in the next course of action and will reach the interim highs at $218 shortly.
Later, a fresh bullish push could propel the price towards $250, provided the bulls display some strength at $243, which could be a range to clear. There has been an uptick in DeFi activity on Solana, pushing the TVL beyond $4.55 billion, according to DeFiLama, with over 26 DEXs. The eye-catching performance has been fueled by the growing interest in BONK, WIF, & SLERF. Hence, with this, the native token SOL is also expected to lead a healthy rally ahead and become one of the top performers.
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