With record DEX activity driving adoption and ecosystem growth, Solana's price is surging, bringing bullish momentum for SOL in November 2024.
Over the past month, Solana's price has skyrocketed, attracting attention in the cryptocurrency market. In November of this year, driven by bullish trends and increased investor confidence, the Layer 1 blockchain set a new all-time high. Solana's rebound is known for its ability to break through multiple resistance levels, indicating strong upward momentum. With DEX trading volume hitting new highs and aiming for the $500 milestone, this growth aligns with broader market improvements and breakthrough speculation.
Solana's price surge: Will record DEX activity push it to $500?
Solana's price is rising as the blockchain sets new records for activity on decentralized exchanges (DEX). According to data from DefiLlama, Solana's monthly DEX trading volume exceeded $100 billion in November 2024, reaching $109.8 billion as of November 25. This is a 109% increase from October's $52.5 billion.
This milestone underscores Solana's increasing popularity and high network efficiency, with the blockchain processing 11 billion transactions so far this year. Solana's DEX trading volume has surpassed Ethereum's mainnet, which set a record of $55 billion in the same time frame.
The surge reflects Solana's ability to handle a large number of transactions while maintaining lower fees and faster speeds than competitors. As the Solana ecosystem expands, speculation is growing about whether its price will reach $500. The continued increase in trading volume highlights the network's technical strength and its growing relevance in the blockchain space.
SOL price is expected to soar by 110% alongside the market surge
After a 35% increase over the past month, SOL's price has sharply declined, dropping 7% in the past 24 hours. The cryptocurrency is trading at $236, down from a high of $256 during the same period.
Solana's price is under pressure as the overall cryptocurrency market faces sell-offs following the recent bull market rebound. Market leader Bitcoin (BTC) has fallen to $93,000, indicating a shift toward caution in market sentiment. Altcoins are performing variably, with Ethereum (ETH) trading near $3,300.
Solana's price predictions are gaining attention as it aims for a resistance level of $270 this month. Analysts believe that sustained bullish momentum could push the cryptocurrency up to $300, with further upside potential leading to a 110% surge and a target of $500.
As cryptocurrencies experience a slight pullback, the technical indicators for Layer 1 show a mixed trend. The Chaikin Money Flow (CMF) indicator is currently at 0.14, indicating that capital is steadily flowing into the asset.
The growth of Solana's ecosystem and record DEX activity indicate its immense potential. However, price volatility highlights the market's caution and fluctuations. Sustained bullish momentum and investor confidence remain crucial for Solana to achieve its ambitious $500 price target.