Solana Might Outshine Bitcoin as DApp Trends Flash Bullish

Solana has continued to soar amid the impressive prospect of the coin outshining its top rivals.

Key Notes

Solana is taking on Bitcoin amid recent bullish price action.Solana’s DApps are helping it to rank higher in fee generation overall.Solana technical indicators also suggests an impressive bullish trend ahead.

Solana SOL $240.5 24h volatility: 0.6% Market cap: $114.33 B Vol. 24h: $9.45 B appears ready to outshine Bitcoin BTC $91 202 24h volatility: 1.8% Market cap: $1.81 T Vol. 24h: $81.40 B , the leading digital asset in the Web3 ecosystem. The Solana-Bitcoin (SOL/BTC) ratio indicates an interesting bullish pattern for SOL. This coincides with remarkable positive activity on the Solana blockchain. At the time of writing, the coin has rallied by more 3% in 24 hours to $244.85. The coin has maintained a more than 16.99% over the past week, pushing it into closer competition with top rivals.

Solana DEXs Achieve Record-Breaking Volume

Notably, within the last week, the SOL/BTC ratio climbed by 1% and moved out of a narrowing price range. Under a technical consideration, this price range is also termed the triangular consolidation.

This slight breakout has implications for the market. Primarily, it signals the bulls’ preparedness to lead the price action. It appears likely that the current uptrend will continue after approximately eight months of impasse between bulls and bears.

Additionally, the Moving average convergence/divergence (MACD) histogram has breached zero, validating the bullish prediction. This indicator, which helps stakeholders recognize shifts in trends, signals a bullish switch in momentum. Recent data on Solana trading volume supports the bullish outlook for SOL.

Solana has become an attraction for retail investors interested in trading memecoin. This surge in interest has supported Solana-based decentralized exchanges (DEX) within the last seven days to November 17. Data shows that the cumulative trading volume has more than doubled the preceding week to hit $41.6 billion.

In terms of performance, the Solana blockchain volume exceeded that of Base Network, Binance Smart Chain, and Ethereum’s cumulative DEX activity combined. Their total DEX registered $37.9 billion, with Ethereum accounting for $14.3 billion, while Base and BSC had $11 billion each.

Catalysts behind Solana’s Surge

Interestingly, despite having a relatively cheaper fee than Ethereum, Solana has competed well in revenue generation. Raydium, the Solana-based decentralized exchange, has made over $72.83 million in fees within the past seven days. This is about 8% higher than Ethereum’s $67 million, according to DeFiLlama.

Aside from Raydium, other protocols, such as Jito, a liquid staking protocol, also ranked high in terms of fees generated. Jito made the third position with $7.89 million in daily performance-generated fees.

Market trend observers note that Solana could take on Bitcoin if it sustains this momentum. In the same period under consideration, Bitcoin generated a fee revenue of about $15 million. Pump.fun hit its seventh-highest revenue day with $1.65 million in fees, while Photon, a Telegram-based trading bot, earned $2.36 million.

Several factors could have triggered the impressive gains on the Solana DEX. Some have spotlighted Litecoin Mascot (LESTER), a new memecoin on Solana’s blockchain. Within 48 hours of its launch, LESTER hit $120 million in market capitalization. Its impressive performance comes after being listed on several crypto exchanges, fueling its popularity in the crypto community.

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