Solana has captured approximately 45% of on-chain decentralized exchange volume across various blockchains. In November alone, DEX trading volumes on Solana's network exceeded $109.8 billion, nearly double Ethereum's $55.3 billion during the same period. This substantial growth underscores Solana's increasing adoption and utility within the DeFi ecosystem.
Jeremie also points to the potential introduction of a Solana exchange-traded fund as a catalyst for further price appreciation. Major financial entities, including VanEck, have filed for Solana ETFs, with approvals anticipated as early as the first quarter of 2025. Such developments could attract significant institutional investment into the Solana ecosystem.
Other analysts share a bullish outlook on Solana. Technical analyst Peter Brandt has suggested that SOL could surge over 2,600%, potentially reaching around $4,500 if a classic "cup and handle" pattern materializes on its charts. Additionally, crypto analyst Miles Deutscher has highlighted Solana's strong performance, noting a 20x increase from its bear market lows and suggesting that a $1,000 valuation may be attainable.
As of April 7, 2025, Solana's price stands at $105.23, reflecting a slight decrease of 0.12% from the previous close. The intraday high reached $120.48, with a low of $103.78. These figures indicate ongoing volatility in the cryptocurrency market.
Solana's network activity has been on the rise, with recent data showing it has outpaced Ethereum in 30-day trailing DEX volume. This growth is partly attributed to the popularity of meme coins on the Solana network, contributing to heightened trading activity and broader adoption.
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Cryptocurrency