Solana

Raydium

when

April

Solana native token SOL surged 61.5% between Nov. 5 and Nov. 22, hitting new all-time highs at $263. This rally mirrored broader altcoin gains, which rose by 58% as Bitcoin nearly reached the $100,000 milestone. 
The bullish momentum is mostly attributed to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-election-us-crypto-industry" rel="null" target="null" text="null" title="null">President-elect Donald Trump’s win</a> in the just concluded <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-elections" rel="null" target="null" text="null" title="null">2024 US Presidential election</a> and a surge in Solana network metrics as the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/memecoin-frenzy-sees-solana-based-dapps-rake-in-record-fees" rel="null" target="null" text="null" title="null">memecoin frenzy returns</a>. This has resulted in multiple Solana onchain indicators <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-record-318b-transfer-volume-bot-driven-wsol-price-suffer" rel="null" target="null" text="null" title="null">reaching record highs</a>, with the latest being the monthly decentralized exchange (DEX) volumes.&nbsp;
<h2 id="strong-solana-dex-volume-surpasses-100-billion-strong">Solana DEX volume surpasses $100 billion</h2>
Layer-1 blockchain Solana (<a data-ct-non-breakable="null" href="http://v" rel="null" target="null" text="null" title="http://v">SOL</a>) has clocked record-breaking DEX volume on multiple timeframes, according to data from DefiLlama.&nbsp;
On Nov. 25, Solana’s monthly trade volume on <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/what-are-decentralized-exchanges-and-how-do-dexs-work" rel="null" target="null" text="null" title="null">decentralized exchanges</a> crossed over $100 billion. The chart below shows that the network has a total of $109.8 billion in DEX trade volume so far in November. 
This is nearly twice as much as the monthly DEX volume of $55 billion on the Ethereum mainnet and represents a 109% increase from October’s trading volume of $52.5 billion.&nbsp;
<figure>
 <img alt="Solana DEX volume hits record high: Is SOL price headed to $300?" src="https://s3.cointelegraph.com/uploads/2024-11/01936358-1f65-7c3e-86ba-3c00f77672e6" title="">
 <figcaption style="text-align: center;">
 Monthly DEX volumes, comparing chains. Source: DefiLlama
 </figcaption>
</figure>
The daily DEX volume also reached a record high of $7.14 billion on Nov. 18, while the weekly DEX trading volume hit all-time highs of $41.6 billion during the week ending Nov. 17.
The last time this metric hit monthly peak levels was in March, when the DEX trading volume of Solana topped $59.8 billion. This surge was largely fueled by high network activity and the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-memecoin-crypto-utility-reputation" rel="null" target="null" text="null" title="null">memecoin frenzy</a> that started during the third quarter of 2023. 
Most notably, this was accompanied by a more than 800% uptick in SOL’s price between October 2023 and April 2024.
<h2 id="strong-strong-onchain-metrics-support-sol-s-upside-strong">Strong onchain metrics support SOL’s upside</h2>
Some analysts attribute SOL’s recent price gains and soaring DEX volumes to a surge in memecoins. The launch of platforms like the <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-pumpfun-a-guide-to-solanas-memecoin-generator" rel="null" target="null" text="null" title="null">Pump.fun</a> and the Raydium DEX, coupled with the network’s low transaction fee and user-friendliness, have contributed significantly to the memecoin frenzy within the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/what-is-solana-and-how-does-it-work#:~:text=Solana%20uses%20a%20256%2Dbit,included%20on%20central%20processing%20units." rel="null" target="null" text="null" title="null">Solana ecosystem</a>.
The monthly fees generated by Pump.fun and Raydium both hit record highs in November, $71.5 million and $182 million, respectively, according to DefiLlama data.
Moreover, Solana’s active address count also hit a record high of nearly 25 million this month, according to Glassnode. 
<figure>
 <img alt="Cryptocurrencies, Markets, Donald Trump, Decentralized Exchange, Market Analysis, Altcoin Watch, Solana, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/01936369-4cba-7159-bee6-f0ac25f45721" title="">
 <figcaption style="text-align: center;">
 Solana: number of active addresses. Source: <a data-ct-non-breakable="null" href="https://studio.glassnode.com/dashboards/onchain-fundamental-metrics?a=SOL" rel="nofollow noopener" target="_blank" text="null" title="https://studio.glassnode.com/dashboards/onchain-fundamental-metrics?a=SOL">Glassnode</a>
 </figcaption>
</figure>
Solana is the “dominant chain by most metrics right now and has the largest share of DEX volume,” crypto analyst Aylo <a data-ct-non-breakable="null" href="https://x.com/alpha_pls/status/1858066631949271505" rel="null" target="null" text="null" title="null">said</a> on X.&nbsp;
Currently, SOL is about “29.5% of Ethereum’s market cap and is continuing to be repriced,” the analyst added.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/is-solana-price-primed-for-more-upside-now-that-sol-hit-a-new-all-time-high" rel="null" target="null" text="null" title="null">Is Solana price primed for more upside now that SOL hit a new all-time high?</a>
<h2 id="sol-price-technicals-point-upward">SOL price technicals point upward</h2>
From a technical point of view, SOL’s price displayed strength after breaking above a rounded bottom chart pattern on the weekly chart. 
The bulls will now attempt to push the price toward the technical target of the prevailing chart pattern at $300. This represents a 19% uptick from the current price.
<figure>
 <img alt="Solana DEX volume hits record high: Is SOL price headed to $300?" src="https://s3.cointelegraph.com/uploads/2024-11/01936359-3599-700a-a1b5-7ac1eb298d15" title="">
 <figcaption style="text-align: center;">
 SOL/USD weekly chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/eikOwOZK/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/eikOwOZK/">TradingView</a>
 </figcaption>
</figure>
The <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal" rel="" target="_self" text="null" title="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal">relative strength index</a> (RSI) is still in the positive region at 70, suggesting that the market conditions still favor the upside.&nbsp;
Conversely, at 70, the RSI suggests slightly overbought conditions that could trigger a correction toward the neckline of the rounded-bottom pattern at $200.
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 DEX volume hits record high: Is SOL price headed to $300?

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