Solana-based swap aggregator Jupiter has just broken all records for 24-hour trading volume. This impressive performance could signal renewed activity for Solana's DeFi ecosystem and pave the way for a rise in SOL's price.
Jupiter's Domination over Solana
Jupiter, a decentralized swap aggregator built on the Solana blockchain, has surpassed all other cross-chain aggregators in terms of 24-hour trading volume. This achievement is particularly noteworthy given that Jupiter operates exclusively on the Solana network, unlike its competitors that span multiple networks.
This growth in trading volume reflects increased investor confidence in Solana's DeFi ecosystem. Indeed, Jupiter's performance aligns with a significant increase in the number of active addresses on the Solana network, reaching record levels since last May.
Upside potential for SOL?
Historically, price action often follows network activity, and Solana's on-chain indicators are currently showing bullish signals. With this on-chain momentum building, SOL's price has begun to rise in the rankings.
From a technical perspective, SOL's pattern looks like a potential trend reversal. The cryptocurrency is currently testing resistance and a significant POC at $148-149. If this resistance is broken, SOL will turn bullish again in the short to medium term.
But if the opposite scenario plays out, the FBB indicates potential support at around $119 and $106. The bearish trendline could therefore be liquidated in the coming weeks if buyers fail to revive the bullish momentum in the short term. If the bulls break the resistance at $149, the potential target is $280.
In short, Solana is approaching a key psychological level at $150, closely aligned with its current trading range. If network activity remains high and DEX volume continues to grow, Solana could gain the momentum needed for a strong rally.
The surge in trading volume on Jupiter, combined with the increase in exchange volumes, has the potential to revive SOL's DeFi ecosystem and propel the cryptocurrency's price to new highs. However, caution should be exercised if Bitcoin were to retrace in the coming days.
