Jupiter, the advanced swap aggregation engine on the Solana blockchain, has a new promising rival, Elluminex, with excellent growth potential in the DeFi ecosystem.
Elluminex aims to be the first all-encompassing DeFi platform that leverages TON’s capabilities to offer unmatched transaction speed, security, and efficiency to the network’s over 950 million active users.
Let’s analyze Solana and Jupiter’s recent performance and examine how the new DeFi project is getting ready to transform the TON blockchain.
Solana (SOL): Is The Correction Over?
After months of consolidation, Solana rose steadily in an uptrend channel starting September 2024. In November, the price surged due to the increased bullish sentiment of the broader crypto market, and Solana broke past the upper trendline of this channel.
After the breakout, the price continued to surge, and Solana reached a new All-Time High (ATH) at $263.83. By this time, Solana had gained over 65% with the rally within three weeks due to the massive momentum. However, demand dropped, and the price began declining.
Solana has now corrected over 18% and takes support at the upper trendline of its previous uptrend channel. In the last 24 hours, it has moved +0.3% and trades at $216.20. As Solana has pulled back to a crucial trendline, it might be the end of the correction, and the bulls could enter to push the price higher.
Jupiter (JUP) Continues Sideways Trend After Failed Breakout
Jupiter has been in consolidated price action since late April 2024, moving sideways between the $0.65 support and $1.29 resistance levels for over seven months. The price moved past this resistance on December 5 but lost momentum, causing it to consolidate below the $1.4 resistance level.
After a few days of congestion, Jupiter dropped back into the sideways range and is now trading over 20% below the upper level of this range. The price has plunged 3.9% in the last 24 hours, and Jupiter trades at $1.
Jupiter has moved below the 50-day SMA but is taking support from the 100-day SMA line. The MACD oscillator moved below zero a few days ago and continues to fall due to the increasing bearish momentum.
Elluminex (ELX): Leading DeFi Ecosystem On The TON Blockchain
Elluminex is an emerging project bringing revolutionary change to DeFi on the TON network, the fastest-growing blockchain network with over 1 billion recorded transactions.
Elluminex will be an all-in-one DeFi hub on TON, aiming to provide a straightforward and user-friendly platform through which users can seamlessly trade, farm, stake, bridge, and track their portfolios.
It plans to solve the persistent issues in the DeFi sector, such as fragmented liquidity, high gas fees, complicated interfaces, and security risks. Due to these challenges, DeFi has not yet reached its full potential.
Elluminex is developing a robust DEX (decentralized exchange) to address these issues by providing a non-custodial environment with ultra-low fees, high liquidity, low slippage, and an intuitive interface.
Investors will also have access to an integrated AI-powered portfolio tracker that will deliver real-time market insights and performance reports. Using these reports, investors can manage their holdings, make better strategies and data-driven decisions with interactive charts, and track their performance.
As it is based on TON, Elluminex will have the advantage of the blockchain’s highly scalable architecture, unparalleled liquidity, cross-chain support, and a rapidly growing ecosystem. These attributes provide it with an edge over Jupiter on the Solana blockchain. The project is well-positioned to capture the DeFi market and its growing community.
Elluminex’s native token, ELX, is a crucial component that will power the entire ecosystem. The presale for ELX will launch soon, providing early participants an opportunity for incredible returns.
For more information about Elluminex (ELX) visit the links below:
- Website: https://elluminex.com/
- Twitter/X: https://x.com/elluminex
- Telegram: https://t.me/Elluminex
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