Solana price continued to defy gravity on Monday morning as investors cheered the growth of the network’s transactions. The SOL token soared to a high of $204 on Monday, a big increase for an asset that was trading at $78 in January.
Solana DEX platforms are booming
Solana is doing great by all metrics. Data by DeFi Llama shows that the network has passed Tron to become the second-biggest blockchain network in the DeFi industry. It has over $10.2 billion in total value locked (TVL).
Further, Solana’s Decentralized Exchanges (DEX) have now became the biggest ones in terms of volume. This growth was mostly because of the rising demand for meme coins like Solama, Book of Meme, and Bonk. These tokens are now valued at over $1 billion.
Raydium handled tokens worth over $1.6 billion while Jupiter and Orca processed $1.50 billion and $1.1 billion in the past 24 hours. This made them the first, second, and fifth-biggest DEX platforms in the industry.
These networks passed dYdX v4, Uniswap, and PancakeSwap exchanges, which have dominated the sector for many years. Solana DEXes are doing well because of their substantially lower fees compared to those charged by Ethereum platforms.
A closer look at their transaction figures shows that meme coins are leading the way. The other popular Solana tokens in these exchanges are the likes of Helium and Jito.
Meanwhile, more Solana assets are being staked today. Data shows that Marinade Finance now has over $2.08 billion in assets, a 66% increase in the past 30 days. It is followed by Jito, the newly launched liquid staking network that has over $1.7 billion. BlazeStake has more than $513 million in assets.
Data shows that most of Solana tokens in existence today are staked, meaning that users are making monthly returns from them. StakingRewards places the figure at $76 billion, which is a few points below the total Solana market cap of over $89 billion.
Solana has gained much attention as it became the best alternative to Ethereum, a network that is widely known for higher fees and slow confirmation speeds.
Solana price forecast
The daily chart shows that the SOL token price has been in a spectacular bull run as it became the best-performing big cryptocurrencies. On the daily chart, the coin has constantly remained above all moving averages. It has also remained in the overbought level for weeks.
Solana sits above the crucial resistance level at $126.12, the highest swing on December 25th last year. The Average Directional Index (ADX) has continued rising, signalling that there is a bullish momentum. Therefore, the outlook for Solana is extremely bullish, with the next level to watch being at $250.
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