Solana

Arbitrum

Base

Stellar

Solana reached a new yearly high of $248.44 on Nov. 18, after its weekly candle witnessed its second-highest close behind its all-time high weekly candle from November 2021.
<figure><img alt="Markets, Market Analysis, Altcoin Watch, Solana, DEX" src="https://s3.cointelegraph.com/uploads/2024-11/01933f92-4bb8-7827-820a-9739b7c26433" title="">
 <figcaption style="text-align: center;">
 Solana weekly chart analysis. Source: TradingView
 </figcaption>
</figure>
Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/solana-price-index">SOL</a>) is 8% below its ATH at $260, and multiple analysts believe that the fourth-largest cryptocurrency awaits a price discovery period.
<h2 id="solana-dex-volume-beats-previous-records-by-100">Solana DEX volume beats previous records by 100%</h2>
Solana’s price action has not exhibited a parabolic rise over the past few weeks compared to other crypto assets such as XRP (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/xrp-price-index">XRP</a>), Cardano (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ada-price-index" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/ada-price-index">ADA</a>) and Stellar (<a data-ct-non-breakable="null" href="https://cointelegraph.com/stellar-price-index" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/stellar-price-index">XLM</a>). However, its onchain metrics facilitated strong fundamental signs indicative of an active ecosystem.
According to <a data-ct-non-breakable="null" href="https://defillama.com/chain/Solana?volume=true&amp;groupBy=weekly&amp;tvl=false" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://defillama.com/chain/Solana?volume=true&amp;groupBy=weekly&amp;tvl=false">DefiLlama</a>, Solana’s decentralized exchange (DEX) volume reached a new weekly all-time high of $41.2 billion last week. Previously, the all-time high volumes were around $18 billion witnessed during a week before and around $17.5 billion in March 2024. Solana’s recent weekly volume surpassed its past performance by over 100%.
<figure><img alt="Solana price targets $400 after monthly cup-and-handle breakout — Analyst" src="https://s3.cointelegraph.com/uploads/2024-11/01933f45-d147-7cb2-aa2b-9ee674725049" title="">
 <figcaption style="text-align: center;">
 Solana’s weekly DEX volume chart. Source: DefiLlama
 </figcaption>
</figure>
In fact, Solana’s total volume share is more than the combined share of the Base, BNB Smart Chain, Arbitrum and the Ethereum networks. Solana comprised 48.27% of the total volume over the past 24 hours, with the Base network holding second position with a 10.55% share.
<figure><img alt="Solana price targets $400 after monthly cup-and-handle breakout — Analyst" src="https://s3.cointelegraph.com/uploads/2024-11/01933f3a-2c13-7300-a469-2a3f83ccc94f" title="">
 <figcaption style="text-align: center;">
 Solana DEX volume share across chains. Source: DefiLlama
 </figcaption>
</figure>
Drawing a key comparison between Solana and Ethereum, Aylo, a crypto researcher, <a data-ct-non-breakable="null" href="https://x.com/alpha_pls/status/1858435322029203920" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/alpha_pls/status/1858435322029203920">pointed</a> out that Ethereum’s DEX volume peaked at $37 billion in May 2021. Aylo <a data-ct-non-breakable="null" href="https://x.com/alpha_pls/status/1858450634459996336" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/alpha_pls/status/1858450634459996336">added</a>:
<blockquote>
 “If SOL can hit a new ATH vs BTC then it will achieve something that ETH couldn’t manage last cycle. Even with DeFi and NFT mania, ETH didn’t come close to its ATH against BTC set in June 2017.”
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sol-avax-sui-and-near-could-continue-their-up-move-if-bitcoin-stays-above-85-000" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/sol-avax-sui-and-near-could-continue-their-up-move-if-bitcoin-stays-above-85-000">SOL, AVAX, SUI and NEAR advance as Bitcoin price trades in the $90K zone</a>
<h2 id="solana-targets-400-once-the-all-time-high-is-cleared">Solana targets $400 once the all-time high is cleared</h2>
Titan of Crypto, an independent onchain analyst, highlighted a major bullish pattern on Solana’s monthly chart, which is currently breaking out in a positive direction.
<figure><img alt="Solana price targets $400 after monthly cup-and-handle breakout — Analyst" src="https://s3.cointelegraph.com/uploads/2024-11/01933f5f-6fb6-70e4-9a07-50ab34d45a20" title="">
 <figcaption style="text-align: center;">
 Solana’s monthly chart analysis. Source: Titan of Crypto/X
 </figcaption>
</figure>
As observed, Solana’s monthly chart pictured the formation of a cup-and-handle pattern, which carries a <a data-ct-non-breakable="null" href="https://www.equentis.com/blog/cup-and-handle-pattern-understand-with-an-example/#:~:text=What%20is%20the%20success%20rate,average%20profit%20of%20%2B54%25." rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.equentis.com/blog/cup-and-handle-pattern-understand-with-an-example/#:~:text=What%20is%20the%20success%20rate,average%20profit%20of%20%2B54%25.">high success rate of 95%</a>, with an average profit yield of 54% from breakout. The trader added:
<blockquote>
 “Once it clears its previous ATH, it could soar straight to $400!”
</blockquote>
Such a bullish pattern observed on a long-term chart inferred uptrend strength. Jelle, another independent analyst, <a data-ct-non-breakable="null" href="https://x.com/CryptoJelleNL/status/1857552129205981415" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/CryptoJelleNL/status/1857552129205981415">highlighted</a> that the altcoin has flipped its previous yearly highs into support.
Meanwhile, data from <a data-ct-non-breakable="null" href="https://www.coinglass.com/spot-inflow-outflow" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.coinglass.com/spot-inflow-outflow">CoinGlass</a> also highlighted positive spot buy volumes for Solana, which lagged behind only Bitcoin among the top 10 crypto assets (excluding stablecoins).
<figure><img alt="Solana price targets $400 after monthly cup-and-handle breakout — Analyst" src="https://s3.cointelegraph.com/uploads/2024-11/01933f86-6282-7016-86ce-a913f216db2d" title="">
 <figcaption style="text-align: center;">
 Solana spot netflow statistics. Source: CoinGlass
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/memecoin-frenzy-sees-solana-based-dapps-rake-in-record-fees" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/memecoin-frenzy-sees-solana-based-dapps-rake-in-record-fees">Solana-based DApps rake in record fees as memecoin frenzy returns</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Solana price targets $400 after monthly cup-and-handle breakout — Analyst

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