Solana native token SOL (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 (BTC) nearly reached the $100,000 milestone.
The bullish momentum is mostly attributed to President-elect Donald Trump’s win in the just concluded 2024 US Presidential Election and a surge in Solana network metrics as the memecoin frenzy returns. This has resulted in multiple Solana onchain indicators reaching record highs, with the latest being the monthly decentralized exchange (DEX) volumes.
Solana DEX volume surpasses $100 billion
Layer-1 blockchain Solana has clocked record-breaking DEX volume on multiple timeframes, according to data from DefiLlama.
On Nov. 25, Solana’s monthly trade volume on decentralized exchanges 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.
Monthly DEX volumes, comparing chains. Source: DefiLlama
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 2024, when the DEX trading volume of Solana topped $59.8 billion. This surge was largely fueled by high network activity and the memecoin frenzy 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.
Strong onchain metrics support SOL’s upside
Some analysts attribute SOL’s recent price gains and soaring DEX volumes to a surge in memecoins. The launch of platforms like the Pump.fun and the Raydium DEX, coupled with the network’s low transaction fee and user-friendliness, have contributed significantly to the memecoin frenzy within the Solana ecosystem.
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.
Solana: number of active addresses. Source: Glassnode
Solana is the “dominant chain by most metrics right now and has the largest share of DEX volume,” crypto analyst Aylo said on X.
Currently, SOL is approximately “29.5% of Ethereum’s market cap and is continuing to be repriced,” the analyst added.
SOL price technicals point upward
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.
SOL/USD weekly chart. Source: TradingView
The relative strength index (RSI) is still in the positive region at 70, suggesting that the market conditions still favor the upside.
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.
