Solana Surpasses NYSE in Weekly Spot Trades for First Time
Solana has achieved a major milestone in the cryptocurrency market by surpassing the New York Stock Exchange's (NYSE) weekly spot trades for the first time. According to recent data, Solana executed 208 million weekly spot trades on decentralized exchanges (DEXs), outdoing the NYSE's 190 million trades. This achievement also brought the Nasdaq gap down to just 47 million trades.
The surge in activity is largely attributed to Jupiter, which processed over 80 million trades this month, a 38% increase from last month. This uptick has fueled a significant rise in Solana's activity, with a 185% surge from July lows amidst the broader cryptocurrency market's growth.
Looking at the technical analysis, Solana's price action shows SOL at $116.96 within its Bollinger Bands, with upper resistance at $120.61 and lower support at $105.87. The EMA50 stands at $109.09 and EMA200 at $98.96, serving as layered supports. Meanwhile, the MACD registers a bullish golden cross at 3.02, and RSI sits neutral at 66.98.
Given the price's testing of upper Bollinger resistance while RSI remains sub-overbought, it appears likely that Solana will continue towards the next volatility band after any healthy pullback to the 50-EMA.