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Solana’s recent surge in decentralized exchange (DEX) activity has propelled its monthly trading volume past the $100 billion mark, a remarkable milestone for the platform.
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This surge follows significant market movements, influenced by both macroeconomic factors and a vibrant memecoin culture that has revitalized trading on Solana.
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According to data from COINOTAG, Solana’s DEX volume growth reflects its increasing popularity against rivals, especially as Ethereum struggles to maintain its volume lead.
Solana achieves a record DEX volume of over $100 billion, driven by a memecoin frenzy and heightened network activity; SOL price also surges significantly.
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 network has achieved a total of $109.8 billion in DEX trade volume so far in November.
This is nearly twice as much as Ethereum’s mainnet, which recorded a monthly DEX volume of $55 billion, representing a remarkable 109% increase from October’s volume of $52.5 billion.
Furthermore, the daily DEX volume reached a record high of $7.14 billion on Nov. 18, while the weekly trading volume surged to all-time highs of $41.6 billion during the week ending Nov. 17.
The last peak was in March 2024, when DEX trading volume hit $59.8 billion, indicating that the recent activity is substantially fueled by heightened engagement and speculation in memecoins.
Strong on-chain metrics support SOL’s upside
Recent analyst commentary suggests that SOL’s price rally and increasing DEX volumes correlate strongly with the ongoing memecoin frenzy. Platforms like Pump.fun and Raydium DEX have fostered an environment ripe for speculation, significantly influencing network activity.
During November, fees generated by Pump.fun and Raydium reached record highs of $71.5 million and $182 million, respectively, highlighting the intense trading environment within the Solana ecosystem.
Moreover, Solana’s active addresses count has soared to record levels, nearing 25 million this month, according to data from Glassnode. This surge suggests a robust user engagement and a flourishing ecosystem.
Crypto analyst Aylo remarked on social media platform X that Solana currently stands as the “dominant chain by most metrics right now, with the largest share of DEX volume,” emphasizing its competitive edge.
SOL price technicals point upward
From a technical standpoint, SOL’s price has shown a strong upward trajectory, particularly after breaking above a rounded bottom pattern on the weekly chart.
Market participants are now eyeing a potential price target of $300, which indicates a potential 19% increase from current levels.
Additionally, the relative strength index (RSI) remains positive at 70, suggesting overall market conditions still favor upward movements. Nonetheless, the overbought RSI may lead to a potential correction towards the neckline of the rounded-bottom pattern centered around $200.
Conclusion
In conclusion, Solana’s exceptional DEX volume growth and increasing price points underline its strengthening position within the crypto landscape. With continued user engagement and technological advances, the outlook for Solana remains optimistic. Traders and investors should remain vigilant as the market dynamics evolve, particularly in light of potential corrections and ongoing memecoin engagement.
