Solana (SOL) Hits New ATH of $272.77 as DEX Trading Volume Surpasses Ethereum and All of Its Layer-2 Solutions

Solana (SOL) hit another all-time high of $272.77 earlier today as shared by Solana Floor on their X page. The coin’s price has surged as it continues the impressive performance it has put up in recent weeks.

Solana (SOL) price hit a new all-time high (ATH) on Wednesday morning. As reported by Solana Floor on their X page, SOL reached a new peak of $272.77.

The coin’s price has been on a continuous surge as it maintains the impressive performance put up in recent weeks. This sharp acceleration in price is evidence of the increased adoption and trust in the blockchain by investors.

Solana Floor positions SOL among the top players in the cryptocurrency market with its focus on continuous network expansion and integration for everyday use.

What’s Behind Solana’s Recent Rally?

Solana has largely benefited from the recent launch of the $TRUMP token. With the token surging over 500% since launch as reported by Blockchain News, it has contributed to Solana’s recent surge.

The recent surge can also be attributed to the speculation of a potential Solana ETF. There is a general feeling that approval of such an ETF would fuel much institutional interest. As with the case of BTC ETFs, the approval might increase the demand for SOL and make it a more dominant cryptocurrency. In hopes of an approval soon, traders are putting their stakes to drive the price of Solana to new ATHs.

Solaxy, a layer-2 solution, has also positively impacted SOL’s recent rally. Solaxy helps enhance the scalability framework and reduces load on the network. This makes Solana more attractive for developers of decentralized applications (dApps) and non-fungible tokens (NFTs). These changes, along with the spectacular transaction speed and minimal fees, have drawn more user and investor attention to Solana, increasing faith in its capabilities.

Solana Leads in DEX Trading Volume

According to Solana Floor, SOL has hit a new ATH in decentralized exchange (DEX) trading volume. The coin’s 24-Hour DEX trading volume crossed $15 billion, taking 60% of DEX market share and surpassing Ethereum and all of its layer-2 solutions by 300%. This proves the increasing usage and effectiveness of Solana’s blockchain.

The high trading volume reveals a great interest for the Solana ecosystem since the project offers top transaction speeds and low fees. The capability to outperform Ethereum, a traditional industry pioneer in decentralized finance (DeFi), demonstrates growing appeal among trading and development. Solana DEX dominance adds to a bullish sentiment that could lead to further price movements.

SOL’s Current Performance and Technical Outlook

At the time of writing, Solana (SOL) is priced at $268.88, according to data on Coinmarketcap. Within the last 24 hours, the price has risen to 17.75%. The surge has taken the market capitalization to $129.92 billion, placing it as the fifth largest cryptocurrency. Daily trading volume has reached $24.68 billion, up from 191.36% as more investors enter the asset after its latest surge.

Currently, SOL’s circulating supply is 486.68 million, while its total supply is at 592.52 million. Solana’s recent rally follows a bullish sentiment and the continually rising adoption of the technology.

A brief look at the one-minute Solana chart on TradingView provides a deeper insight into technical patterns impacting its price. The coin’s RSI stands at 63, nearing the overbought level but still suggesting a bullish momentum.

On the other hand, the Moving Average Convergence Divergence (MACD) is bullish with the MACD line over the signal line. The histogram is still positive and this suggests that while the momentum might wane soon, the rally could be extended shortly. The current MACD value is 3.05 with a strong positive momentum that could fuel the price up if buying pressure persists.