Solana price has staged a strong comeback this week, making it one of the best-performing layer-1 tokens in the industry. SOL has surged above $155 against USDT, increasing by over 41% from its lowest point this week.
SOL token flips ETH
However, Solana has just soared to a record high against Ethereum and is approaching its all-time high against Bitcoin. The SOL/ETH price has soared in the past five days, hovering at $0.065. It has risen by almost 100% from its lowest point this year.
Solana also jumped against Bitcoin as the SOL/BTC pair surged to $0.0028, its highest level since July 31st. It has also risen by over 24% from the lowest point this year.
This performance confirms that Solana is gaining market share in the crypto industry. For one, Solana is now the most preferred chain among meme coin developers. Some of the top meme coins in its ecosystem are Dogwifhat, Book of Meme, and Popcat.
As the volume rises, Solana has also become a big player in the Decentralized Exchange (DEX) industry. Data shows that Solana’s blockchain handled over $14.7 billion in DEX volume last week, while Ethereum processed $21.1 billion. Similarly, Solana handled $56 billion in July, while Ethereum processed $53 billion.
Solana has also become a popular chain among developers in the decentralized public infrastructure (DePIN) industry. Some of the most notable projects in this ecosystem are Hivemapper and Helium.
Solana lags in stablecoin transactions, an area where Ethereum and Tron excel despite their relatively higher fees.
Solana price forecast
The daily chart shows that the SOL to ETH pair has been in a long-term strong bull run. It crossed the important resistance level at $0.059, its highest swing since March this year.
By moving above this level, Solana invalidated the triple-top pattern that had been forming. It has also remained above all moving averages, meaning that bulls are in control. Most notably, the accumulation/distribution indicator has risen, meaning investors are accumulating.
Therefore, the SOL token price will continue rising as buyers target the key resistance level at 0.065.
