Solana’s native token SOL surged 61.5% from November 5 to November 22, hitting an all-time high of $263. The rally reflected a broader altcoin rally, with Bitcoin up 58% as it nearly reached $100,000.
This bullish momentum is largely due to the surge in Solana network metrics following President-elect Donald Trump’s victory in the just-concluded 2024 US presidential election and the return of memecoin frenzy. This has pushed several of Solana’s on-chain metrics to record highs, the latest being monthly decentralized exchange (DEX) trading volume.
Solana DEX trading volume exceeds $100 billion.
Layer 1 blockchain Solana (SOL) has recorded record DEX volumes over multiple periods, according to data from DefiLlama.
As of November 25, monthly trading volume on Solana’s decentralized exchange exceeded $100 billion. The chart below shows the network’s DEX trading volume totaling $109.8 billion as of November.
This is almost double the $55 billion in monthly DEX trading volume on the Ethereum mainnet, and a 109% increase over the $52.5 billion in October trading volume.
Monthly DEX volume comparing chains. Source: DefiLlama
Daily DEX trading volume also hit a record high of $7.14 billion on November 18, and weekly DEX trading volume hit a record high of $41.6 billion for the week ending November 17.
The last time this metric hit a monthly high was in March, when Solana’s DEX volume topped $59.8 billion. This surge was largely fueled by high network activity and the memecoin craze that began in the third quarter of 2023.
Most notable is the SOL price increase of over 800% between October 2023 and April 2024.
Strong on-chain metrics support SOL’s advantages
Some analysts attribute SOL’s recent price rise and surge in DEX trading volume to the surge in memecoins. The launch of platforms such as Pump.fun and Raydium DEX, combined with the network’s low transaction fees and user-friendliness, have greatly contributed to the memecoin craze within the Solana ecosystem.
Both Pump.fun and Raydium’s monthly fees hit record highs in November, at $71.5 million and $182 million, respectively, according to DefiLlama data.
Moreover, according to Glassnode, the number of active addresses on Solana reached an all-time high of nearly 25 million this month.
Solana: Number of active addresses. source: glass node
“Solana is currently the dominant chain by most metrics and holds the largest share of DEX trading volume,” cryptocurrency analyst Aylo said of X.
Currently, SOL is “about 29.5% of Ethereum’s market cap and is constantly being repriced,” the analyst added.
relevant: Now that SOL has hit an all-time high, is Solana price ready to rise further?
SOL price technical point rises
From a technical perspective, the price of SOL was bullish after breaking a round bottom chart pattern on the weekly chart.
The bulls will now attempt to push the price towards $300, which is the technical target of the typical chart pattern. This represents a 19% increase over the current price.
SOL/USD weekly chart. source: TradingView
The Relative Strength Index (RSI) is still in positive territory at 70, suggesting that market conditions still have room for upside.
Conversely, RSI suggests slightly overbought conditions that could trigger a correction towards the neckline of the round bottom pattern at $70 to $200.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.