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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