The crypto markets have risen above a minor consolidation as the Bitcoin price is heading back towards the ATH at $76,400. The traders have become more optimistic over the SOL price rally as the token remains within the top 5 dominant tokens in the market. Ever since the August rebound, the Solana dominance began to rise, which was cemented below 1%. However, the levels have now risen and marked a new peak at around 3.81%. Hence the rise in the market cap dominance may hint towards a potential rally unlock for SOL shortly.
The latest upswing has helped the price to initiate a breakout above the pattern, suggesting the bulls are gaining back their dominance. The breakout from the bull flag while the volume remains within the average range suggests the bears have remained off the shore for a while. Therefore, paving the way for the SOL price to maintain a healthy ascending trend and rise above its current ATH close to $260.
While the Solana price aims to form new highs, these Solana-based tokens are expected to thrive within the markets.
Drift Protocol is a decentralised exchange on Solana that allows traders to trade pre-launch markets & tokens. The token was listed on one of the top exchanges in Korea, Upbit, which triggered a 90% upswing in the price, marking an ATH at $0.9747.
Raydium is a popular automated market maker (AMM) and liquidity provider built on the Solana blockchain for its DEX, Serum. The RAY price has been elevated for over a week, due to the DEX volume of the platform has spiked heavily.
It is an advanced swap aggregation engine that delivers essential infrastructure for the Solana ecosystem. After recovering from the November losses, the JUP price has been printing massive bullish candles and may eventually continue to test higher targets, heading towards it’s ATH above $2.
Using Jito’s liquidity staking pool, JitoSOL, users are able to maintain the SOL’s liquidity and Defi opportunities while earning yield from staking. The 25% rise in the past seven days has shortened the gap to it’s ATH at $5.28, which can be achieved in the near future.
Goatseus Maximus is the newly launched memecoin on the Solana chain, which has recorded over 700% rise within a month. The price has marked a new ATH at $0.8912 that suggests a rise above $1 could be imminent.
Now that Solana has become the 4th largest crypto, the market cap dominance has also marked the top 4th position after Bitcoin, Ethereum, & USDT. Therefore, the trade setup suggests a monstrous move appears to be pre-programmed for the SOL price rally that could reach $300 before the end of 2024.
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