Surging network activity and memecoin frenzy drive Solana’s impressive growth.

Solana DEX Volume Surpasses $100 Billion

Solana’s decentralized exchange (DEX) trading volume reached a new milestone, surpassing $100 billion in November, according to DefiLlama data. The network achieved $109.8 billion in monthly DEX trade volume, nearly double Ethereum’s $55 billion. Daily and weekly records were also shattered, with $7.14 billion traded on Nov. 18 and $41.6 billion during the week ending Nov. 17.

This surge marks a 109% increase from Solana’s October trading volume of $52.5 billion and outpaces its previous peak of $59.8 billion in March. Analysts attribute this growth to high network activity and a resurgent memecoin frenzy within the Solana ecosystem.

SOL Price Rally Mirrors Network Growth
Solana’s native token, SOL, has seen significant gains, surging 61.5% between Nov. 5 and Nov. 22 to a new all-time high of $263. The rally is part of a broader altcoin market surge, spurred by Bitcoin’s approach to the $100,000 mark and the bullish impact of President-elect Donald Trump’s recent victory in the 2024 US Presidential election.

Strong onchain metrics further supported SOL’s price momentum. Platforms like Pump.fun and Raydium DEX, which benefit from Solana’s low transaction fees, contributed to the memecoin frenzy. Both platforms recorded record monthly fee revenues in November, generating $71.5 million and $182 million, respectively.

Solana Leads in Onchain Metrics
Solana’s active address count hit a record 25 million in November, reinforcing its dominance in the blockchain ecosystem. Crypto analyst Aylo noted that Solana is now the “dominant chain by most metrics” and holds the largest share of DEX volume. SOL currently represents 29.5% of Ethereum’s market capitalisation and continues to be repriced upward.

SOL Eyes $300 with Bullish Technicals
Technically, SOL’s price broke above a rounded-bottom pattern, with analysts targeting $300 as the next key level—a 19% increase from current prices. The relative strength index (RSI) at 70 suggests market conditions favour further upside, though overbought conditions may prompt a pullback toward the $200 support level.

With strong fundamentals and growing adoption, Solana’s upward trajectory appears set to continue.