Amid the bullish momentum in the cryptoverse, Solana has crossed the $100 billion mark in monthly DEX volume. A meme coin boom and TradeFi activity within the Solana ecosystem mainly fueled this surge.
According to DefiLIama, the DeX trading volume for November reached $109.8 billion, doubling October’s $52.5 billion and outperforming Ethereum’s $55 billion. In a month, the blockchain has experienced a 109% surge, showing its growing dominance in the decentralized finance (DeFi) sector.
A booming memecoin trend has boosted trading activity on the chain. Platforms like Pump.fun and Raydium have attracted traders with their user-friendly interface and low fees. Pump.fun accumulated $71.5 million in fees in November alone, while Raydium reached $182 million.
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Surprisingly, the daily volume peaked at $7.14 billion on November 18, 2024. This comes after a huge jump in on-chain activity. For instance, Solana’s active address count hit a record high of 25 million in November, signals the bullish momentum. in the cryptocurrency
SOL Shows Bullish Momentum For $300 Mark
Data from Coinglass shows Solana’s long-to-short ratio at 1.17, indicating a bullish sentiment. Approximately 54% of traders anticipate a rebound, even after SOL dropped below $260 after watching a new all-time high last week.
As per the crypto analyst, the cryptocurrency is trading above its 20 and 50-week Exponential Moving Averages (EMAs), signaling an ongoing bullish trend. Also, the formation of a bull flag pattern suggests that the token could continue upward momentum. If it maintains current trajectory, it could aim for $325 soon.
The coin is currently approaching the overbought territory as RSI revolves around 70. Even if this suggests strong buying, it also reflects space for a short-term correction.
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Also Read: Solana Deploys 77,000+ Tokens in One Day; New ATH by Nov-end?
