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Solana Breaks $157 as Institutional Confidence and Bybit’s DEX Drive the Rally
- Solana (SOL) has surged to $157, up by 7% in the last 24 hours and 2% in the last week.
- The rally is attributed to rising institutional interest and the launch of Bybit's Decentralised Exchange on Solana.
- Traders' confidence has grown, with daily trading volume rising by 98% to $4.5 billion.
- Analysts believe SOL's recent upsurge is fueled by Bybit's Solana-based DEX launch and increasing adoption.
- Bybit's decentralized exchange, Byreal, set to launch on Solana's mainnet, is anticipated to boost SOL's price.
- Byreal aims to compete in the $20.3 billion DEX industry with advanced protocols for low slippage and MEV protection.
- Uniswap leads DEX platforms with 24% market share, while Raydium dominates Solana ecosystem with 55% TVL.
- SOL's price rise is also influenced by rising institutional adoption, highlighted by investments from MemeStrategy and DeFi Development Corp.
- Analyzing the price chart, analysts foresee SOL surging to $168 in the short term and potentially reaching $174 or higher.
- Long-term projections suggest SOL reaching $2000, comparable to Ethereum's previous market cap, and even possibly hitting $4000.
- Analyst Crypto Curb hints at a $2000 price level for SOL in the long term.
- Renowned trader Ali Martinez predicts SOL could reach $4000 over time.
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