Bitcoin (BTC) is currently in a price discovery phase, helped by the historic victories of Donald Trump and other pro-cryptocurrency candidates in the U.S. Senate and House of Representatives. Meanwhile, the altcoin market, led by Dogecoin (DOGE), Ethereum (ETH), and Solana (SOL), has also gained impressive bullish momentum.
As of early New York trading on Thursday, November 7, Solana’s price has surged more than 30% in the past 30 days to around $187.
Rejoice—Solana has exploded!
Solana has emerged from a macro consolidation phase after a strong rebound. The token has a fully diluted valuation of around $110 billion and a daily trading volume of over $6 billion, showing significant growth. However, to maintain this momentum, SOL must consistently close above the weekly downlog trend to avoid a potential false breakout.
Well-known trader Peter Brandt believes that Solana is expected to follow Bitcoin into the price discovery phase in the near future. In addition, the SOL/ETH trading pair has already entered the price discovery phase, which shows that Solana has a greater demand than Ethereum.
What drives the SOL bull run?
The Solana Network has emerged as a top contender in the web3 space and for the tokenization of real-world assets. Based on the latest market data as of this report, the Solana Network has a total locked value of approximately $6.6 billion and a stablecoin market cap of approximately $3.7 billion.
Solana also outperformed Ethereum in terms of daily active addresses. Solana has over 5.1 million active addresses, far exceeding Ethereum’s 374,000 active addresses in the past 24 hours. In addition, Solana’s perpetual contracts (perps) trading volume hit an all-time high, reaching approximately $2.28 billion in the past 24 hours. Solana’s leading decentralized exchange (DEX) Jupiter DEX accounted for approximately $1.87 billion of this volume, accounting for 82% of the total.
