Originally published on: November 25, 2024
Solana’s native token, SOL, has seen a remarkable 61.5% surge recently, hitting an all-time high of $263. This spike in price coincides with the overall increase in altcoin values, as Bitcoin inches closer to the $100,000 mark.
Many attribute this bullish momentum to various factors, including the outcome of the 2024 US Presidential election and the resurgence of meme coins on the Solana network. As a result, several Solana onchain metrics have reached record levels, with decentralized exchange (DEX) volumes hitting new highs.
Solana’s DEX volume has broken records across multiple timeframes, with the network seeing over $100 billion in trade volume on decentralized exchanges in November alone. This dwarfs the monthly DEX volume on the Ethereum mainnet and represents a significant increase from October’s trading numbers.
The surge in DEX volume on Solana can be attributed to the rise of meme coins and the launch of platforms like Pump.fun and Raydium DEX. These factors, combined with the network’s low fees and user-friendly interface, have fueled the meme coin frenzy within the Solana ecosystem.
Analysts suggest that SOL’s recent price gains and soaring DEX volumes are also a result of increased activity on platforms like Pump.fun and Raydium. Both platforms have generated record monthly fees in November, further contributing to Solana’s growing dominance in the crypto space.
With SOL currently accounting for a significant portion of Ethereum’s market cap, analysts are optimistic about its future price potential. Technical indicators also suggest a bullish outlook for SOL, with the price aiming to reach $300 in the near future.
While the market conditions continue to favor the upside, investors should exercise caution and conduct their research before making any investment decisions. Stay informed with critical insights on investment opportunities by subscribing to our Markets Outlook newsletter today.
