During the first quarter, Solana ranked number 1 among all the other Blockchains per volume of negotiation DEX, capturing 39.6% of the market and 52% in January only. Despite strong numbers, the network was faced with a drop in income and activity, especially after having culminated in January with 35.9 billion dollars in daily Dex volume. In mid-March, it had fallen below a billion but had returned above $ 2.5 billion, almost corresponding to Ethereum.
Did an evolution towards the utility and the stablecoins of the same deprived the price of percusance of another bull?
The institutional interest in Solana has increased considerably while Galaxy Digital has drawn a huge amount of CEX soil and deposited nearly $ 100 million in ETH. This has increased speculation to find out if the institution poured Solana, because the total number of CEX soil withdrawals amounted to $ 77.5 million since the start of the week.
However, the transfer of Galaxy Digital has crushed the lowering possibilities, because they have now withdrew from more than 600K Sol from exchanges and have marked more than 460K in the last 4 days, as Lookonchain suggests.
Solana Golden Cross on the horizon?
With this, the soil price has increased the possibility of a bullish break because the techniques have become upwards. The last bounce of the stockings helped the token to get out of the descending parallel channel. After breaking the pattern, the Bulls managed to maintain the rally trend over the resistance of the canal.
On the other hand, the Superrend has become bullish after having been lower since February, validating a bullish reversal. In addition, the Ichimoku cloud also experienced a bullish crossover, justifying a bullish complaint. With this, the price, which discovered new support for the 50 -day mastery, should go towards a “golden cross” and exceed the 200 -day MA in the coming days.
Meanwhile, a continuous increase of 30% to 150 $ 150 could trigger a golden cross, which can still push the Solana price (soil) to $ 200 before the end of H1, 2025.
