Solana price continued with its strong ascent on Friday as it gained 4.3 percent at the time of writing to trade at $264.10. The coin has been on a strong upward trajectory in recent days, gaining 25% in the last week. Also, the momentum saw it rise to new record highs of $295 five days ago.
The upward trajectory is likely to continue, as the coin’s 24-hour trading volume was up by 11%. That signals that investors not only have a strong appetite for Solana, but are also willing to pay more for the coin. A continuation of that sentiment is likely to keep Solan price on the ascending trajectory. Solana price has formed a bullish pattern that could potentially push it near $380.
Solana Price Forms Bullish Pattern Hints at $379
The momentum on Solana price 4-hour price adds credence to the bullish view of the coin. The coin has recently broken upward after previously forming a bullish flag pattern. We get the price target by using the flag pole as a measuring stick to extrapolate to the likely target.
As seen on the chart below, Solana price broke above the bullish flag near $258. Extrapolating the price target suggests that SOLUSD could potentially rise to $379. That infers a 43% jump from the current price. Furthermore, the Relative Strength Index (RSI) is at 60, affirming the likelihood of a sustained upside.
Meanwhile, the Solana blockchain has experienced a significant spike in activity. This week, decentralised exchanges (DEXs) on the blockchain achieved a historic record $200 billion in monthly volume. The achievement is attributed to the high transaction volume brought by meme coins led by $TRUMP and $MELANIA. By beating Ethereum chain’s DEX volumes, Solana has underlined its reputation as a potential Ethereum killer.
Also, Solana chain outperformed Ethereum chain in the DeFi space in the last seven days. DeFiLlama data shows that Sokana’s Total Value Locked grew by +22.72% during that period, while Ethereum’s contracted by -1.17%. That denotes increased utility, which could help boost ETH price. Solana’s DeFi TVL stands at $12.11 billion as of this writing.
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