Originally published on: November 25, 2024
Amid a surge in altcoin prices and excitement from the recent election results, Solana’s native token, SOL, has seen a remarkable 61.5% increase, reaching an all-time high of $263. Investors are buzzing as the decentralized exchange (DEX) volumes on Solana’s network hit record highs.
According to DefiLlama data, Solana has broken multiple DEX volume records, with monthly trade volumes exceeding $100 billion in November. This dwarfs Ethereum’s monthly volume of $55 billion, marking a 109% increase from October’s numbers.
The excitement doesn’t stop there – daily DEX volumes hit $7.14 billion, and weekly volumes peaked at $41.6 billion, showcasing the network’s vibrancy. Analysts credit this surge to the rise of memecoins and the launch of platforms like Pump.fun and Raydium DEX, which have fueled activity within the Solana ecosystem.
With Solana dominating the DEX space and active addresses hitting record highs, crypto enthusiasts are eyeing a potential push for SOL’s price, aiming for a $300 target. Technical indicators suggest bullish momentum, with the RSI signaling favorable conditions for an uptick.
As the market buzzes with excitement, it’s essential to conduct thorough research before making any investment decisions. Stay informed and explore more articles like this to navigate the dynamic world of cryptocurrencies. Subscribe to the Markets Outlook newsletter for critical insights and trading strategies delivered every Monday. Join the conversation and seize investment opportunities with confidence.