Solana-based Jupiter DEX outperforms Uniswap amid surged memecoin frenzy

Jupiter decentralized exchange on Solana (SOL) recorded a notable $480 million trading volume, outshining Uniswap (UNI), one of the dominant names in the sector. Meanwhile, increased memecoin & stablecoin activities triggered the upside.

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Jupiter DEX’s trading volume hit $480 million over the last day as the Solana blockchain sees a surged craze for new meme token airdrops and stablecoin swaps. Consequently, Jupiter DEX outperformed Ether-based volumes on Uniswap in V2 & V3 protocols, which posted $470 million.

Memecoin frenzy on Solana

Meme token activity continue to dominate the SOL blockchain, outshining various projects. For instance, Solana holders that used Jupiter DEX within the last six months and SOL Saga phone users can claim meme asset Wen.

Enthusiasts purchasing and selling Wen added Jupiter’s 24-hour trading volume by over $50 million. The DEX’s developers created the meme token ahead of the highly awaited native coin JUP as an experiment.

Meanwhile, the trade of SOL into USDC and USDT primarily propelled Jupiter transactions over the past day, as it accounted for around $191M of the entire 24-hour volume.

SOL price outlook

Solana retained an upside stance during this publication, up 1.45% in the past day to $97.31. It flourished over the weekend to extend its seven-day gains to 8.52%.

Bitcoin’s uptick past $42K catalyzed the latest rebounds in the altcoin market. Maintaining the current trajectory will push SOL towards the resistance at $102. Robust buyer actions beyond this hurdle will see the altcoin revisiting $126.

Further, Solana has printed a bullish Cup & Handle pattern on its price chart, indicating an impending longer-term upswing. A break past the $126 neckline would indicate stable trend reversals that could end the alt’s consolidation period. Continued bullish actions might propel SOL to the $256 vicinity.

Nevertheless, broad market developments remain crucial in shaping Solana’s upcoming trajectory.

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