Originally published on: November 25, 2024
The Solana native token SOL has seen a remarkable surge of 61.5% from November 5 to November 22, reaching new all-time highs at $263. This surge coincided with a broader increase in altcoin prices, with Bitcoin inching closer to the $100,000 mark.
The recent bullish momentum can be attributed to various factors, including the outcome of the 2024 US Presidential election and a surge in Solana network metrics fueled by the return of memecoin enthusiasm. As a result, several on-chain indicators for Solana have reached record levels, with the most recent milestone being the unprecedented decentralized exchange (DEX) volumes.
Data from DefiLlama shows that Solana’s DEX volume has broken records across different timeframes. In November alone, the monthly trade volume on decentralized exchanges surpassed $100 billion, reaching a total of $109.8 billion. This figure is nearly double the monthly DEX volume on the Ethereum mainnet, reflecting a 109% increase from October’s trading volume.
The surge in daily and weekly DEX volumes further highlights the increasing activity within the Solana ecosystem. With platforms like Pump.fun and Raydium gaining traction, the network’s low transaction fees, and user-friendly interface have played a significant role in driving the memecoin frenzy.
Analysts point to the launch of Pump.fun and Raydium, along with Solana’s active address count reaching a record high of nearly 25 million, as key factors behind SOL’s recent price gains and soaring DEX volumes.
The dominance of Solana in terms of DEX volume and the network’s overall performance position SOL for further growth. With the price target set at $300, representing a 19% increase from the current price, the technical indicators suggest a bullish outlook for SOL.
While the relative strength index (RSI) indicates overbought conditions that could lead to a correction, the overall market sentiment favors an upward trajectory for SOL.
This article does not offer investment advice and recommends readers conduct their research before making any financial decisions. Stay informed about the latest market trends by subscribing to our Markets Outlook newsletter for valuable insights every Monday.