Jupiter, the Solana-based swap aggregator, has just smashed all-time trading volume records in 24 hours. This impressive feat could signal a surge in activity for the Solana DeFi ecosystem, potentially paving the way for SOL price growth.
Jupiter, a decentralized swaps aggregator built on the Solana blockchain, has just surpassed all other cross-chain aggregators in terms of 24-hour trading volume. This achievement is even more remarkable as Jupiter operates exclusively on the Solana network, unlike its competitors that cover multiple networks.
This surge in trading volume reflects increased confidence from investors in the Solana DeFi ecosystem. Indeed, Jupiter’s performance aligns with a significant rise in the number of active addresses on the Solana network, reaching record levels since last May.
Historically, price movements often follow network activity, and Solana’s on-chain indicators are currently signaling bullish signs. With this building on-chain momentum, the price of SOL has started to climb the ranks.
From a technical standpoint, the setup for SOL looks like a potential trend reversal. The cryptocurrency is currently testing a resistance and a significant POC at 148-149 dollars. If this resistance is broken, SOL turns bullish in the short and medium term.
However, if the opposite scenario unfolds, the FBB indicates potential supports around 119 and 106 dollars. The downtrend line could be broken in the coming weeks if buyers fail to reignite short-term bullish momentum. If bulls break the 149 resistance, the potential target is 280 dollars.
In summary, Solana is approaching a key psychological level at 150 dollars, closely aligned with its current trading range. If network activity remains high and DEX trading volume continues to grow, Solana could gain the momentum needed for a strong rebound.
The soaring trading volume on Jupiter, coupled with increasing exchange volumes, has the potential to rejuvenate the SOL DeFi ecosystem and propel the cryptocurrency’s price to new highs. However, caution may be warranted if Bitcoin retraces in the coming days.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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