Related Reading: Bitcoin CME Chart Shows Striking Similarities To 2023, Here’s What Happened Last Time In the DeFi landscape, Solana has slipped to third place as Tron’s TVL surged 78% to $13 billion, yet it maintains a strong lead with 5.56 million active addresses. However, the recent decline in DEX revenue and volume, particularly with Raydium experiencing an 8.22% drop, indicates a need for stability in trading activities within the ecosystem.
The recent price action suggests that Solana may be on track to not only retest its previous peak but potentially exceed it significantly. Crypto analyst Ali Martinez highlighted a bullish “cup and handle” pattern forming on Solana’s one-month chart, indicating the potential for a remarkable uptrend. Martinez forecasts that if this pattern plays out, Solana could see gains exceeding 1,650%, resulting in a new record price of $4,000 per token.
Grayscale’s filing for a spot Solana ETF in the US has generated buzz, as the cryptocurrency community anticipates the potential for increased institutional investment. Additionally, the project Jupiter has revised its $1.6 billion airdrop after a failed vote, while the platform Pump.fun reported record revenue of $93 million for November, despite experiencing a 66% weekly drop.
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