Solana hit a yearly high of $248.44 on November 18 after its weekly candle hit its second-highest closing price ever, behind the all-time highest weekly candle in November 2021.
Solana weekly chart analysis. Source: TradingView
Solana (SOL) is 8% below ATH at $260, and several analysts believe the fourth-largest cryptocurrency is awaiting a price discovery period.
Solana DEX trading volume exceeds previous record by 100%.
Solana’s price action has not shown a parabolic rise over the past few weeks compared to other cryptocurrency assets such as XRP (XRP), Cardano (ADA), and Stellar (XLM). However, on-chain indicators promoted strong fundamental signals indicating an active ecosystem.
According to DefiLlama, trading volume on Solana’s decentralized exchange (DEX) hit an all-time weekly high of $41.2 billion last week. Previously, the highest ever trading volume was approximately $18 billion a week ago in March 2024, and approximately $17.5 billion in March 2024. Solana’s most recent weekly trading volume outperformed its past performance by more than 100%.
Solana’s weekly DEX trading volume chart. Source: DefiLlama
In fact, Solana’s total volume share is greater than that of Base, BNB Smart Chain, Arbitrum, and the Ethereum network combined. Solana accounted for 48.27% of total trading volume over the last 24 hours, with Base Network coming in second with a 10.55% share.
Solana DEX trading volume shared across chains. Source: DefiLlama
In a key comparison between Solana and Ethereum, cryptocurrency researcher Aylo pointed out that Ethereum’s DEX trading volume peaked at $37 billion in May 2021. Aylo added:
“If SOL can achieve a new ATH compared to BTC, it will achieve what ETH was unable to manage in the last cycle. Despite DeFi and NFT mania, ETH has not come close to the ATH against BTC set in June 2017.”
relevant: SOL, AVAX, SUI, and NEAR rise as Bitcoin price trades in the $90,000 area.
Solana targets $400 if it hits an all-time high.
Titan of Crypto, an independent on-chain analyst, highlighted a key bullish pattern on Solana’s monthly chart that is currently trending in a positive direction.
This is Solana’s monthly chart analysis. Source: Titans of Crypto/X
As observed, Solana’s monthly charts show the formation of a cup and handle pattern with a high success rate of 95% and an average profit return of 54% on breakouts. The merchant added:
“Clear the previous ATH and you could skyrocket to $400 in no time!”
This bullish pattern observed on the long-term charts inferred the strength of the uptrend. Another independent analyst, Jelle, highlighted that the altcoin has turned its previous yearly high into support.
Meanwhile, data from CoinGlass highlighted positive spot buying volume for Solana, which ranks behind only Bitcoin among the top 10 cryptocurrency assets (excluding stablecoins).
Solana Spot netflow statistics. Source: Coinglass
relevant: Solana-based DApps see record fee hikes amid memecoin craze
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.