Since June 2024, Solana’s key metrics have shown impressive growth. DeFi Total Value Locked (TVL) has surged by 20%, net inflows have increased by 126%, and non-voting transactions have risen by 21%.
According to DefiLlama, Solana surpassed Ethereum in monthly DEX trading volume for the first time in July 2024, recording $55.876 billion compared to Ethereum’s $53.868 billion. Other notable performers include Arbitrum with $24.569 billion, BSC at $17.888 billion, and Base at $15.554 billion.
Analyst Ali Martinez highlighted on X that Solana might be forming a bullish megaphone on the 4-hour chart. The recent correction to the 61.8% Fibonacci level and an oversold RSI indicate that it could be an opportune moment to buy $SOL. Martinez advises setting a stop-loss around $156-$154 and aiming for a take profit between $200-$259.
These positive indicators reflect Solana’s robust growth and potential for further gains, making it a compelling option for investors looking to capitalize on its momentum in the crypto market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: alexandarilich/123RF // Image Effects by Colorcinch
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