Solana’s DEX Frenzy: Monthly Volume Rockets Past $1B—Is $SOL Eyeing $600?

Solana DEX Volume Surges Past $100 Billion in November. Solana’s blockchain network for decentralized exchange trading has recorded unprecedented growth and set new highs in November 2024.

According to data compiled from DefiLlama, on Nov 25, Solana’s monthly DEX trading volume reached $109.8 bln against Ethereum’s $55 bln for the same period – twice as much.

That figure is a 109% increase over the $52.5 billion set in October. Daily and weekly trading activity reached all-time highs, too: daily volume peaked at $7.14 billion on Nov. 18, and weekly DEX trading volume reached $41.6 billion for the week ending Nov. 17.

The last peak for Solana was in March 2024, when its DEX volume reached $59.8 billion. This jump is mainly influenced by the increased network activity, especially in the memecoin segment, which has just recently taken the lead in the growth of the Solana ecosystem.

Memecoin Craze Fuels Solana’s On-Chain Growth

The revival of the memecoins has driven Solana’s on-chain metrics close to, or at new highs. These include Pump.fun and the Raydium DEX setting records, thus adding to transaction volumes. According to DefiLlama data, Pump.fun yielded 71.5 million dollars in fees, and Raydium contributed another 182 million.

Activity is also reflected in the number of active addresses on the network, which reached almost 25 million this November.

As X (formerly Twitter) commented by crypto analyst Aylo, “Solana is the leading chain in most metrics and holds the largest share of DEX volume.

SOL Price Hits $263, Eyes $300 as Technical Indicators Favor Bulls

It watched its native token SOL increase 61.5% in price between Nov. 5 and Nov. 22, to an all-time high of $263. It comes amidst a wider altcoin rally, driven by Bitcoin’s imminent $100,000 milestone and a good feeling in the market over the result of the U.S. presidential election.

Technically, the price of SOL indicates the upside. The token did break above a rounded bottom chart pattern targeting $300 for 19% gains from current levels. This is challenged as traders monitor possible corrections to $200 ahead of further gains with the RSI post at 70.

Solana’s Market Position and Prospects for Growth

Solana has remained one of the top blockchains in the DeFi ecosystem, surpassing Ethereum, Base, and Binance Smart Chain in November’s DEX trading volumes, the latter at $35.3 billion and $29.6 billion, respectively.

This has made the network one of the favorite go-to destinations for developers and traders alike due to its very low transaction costs and speed. As of November 25, SOL’s market capitalization stood at $120.6 billion, while its 24-hour trading volume was $5.48 billion.

Analysts remain very optimistic about Solana’s trajectory given the strong on-chain metrics and further scaling of adoption. In fact, possible approval of spot Solana ETFs in 2025 may increase the network’s appeal to institutional investors even more.

While Solana is finding more use cases in the DeFi space, it has a well-built structure that places it in a very strong position to further grow into the market.