Solana Hits $109B In DEX Volumes, Outpacing Ethereum

The crypto market is once again witnessing exceptional performance. Solana, often referred to as the blockchain of “fast and accessible solutions”, has just reached a historic milestone. In November, its volumes on decentralized exchanges (DEX) hit a record level of 109 billion dollars, which far exceeds those of other major blockchains, including Ethereum. This surge is accompanied by an exponential rise in the price of SOL, which is approaching $300.

An explosion of volumes on DEX

In November, the Solana blockchain recorded unmatched transaction volumes on its decentralized exchange platforms. According to DefiLlama data, the total reached 109 billion dollars, representing a spectacular increase of 109 % compared to the 52.5 billion dollars recorded in October. This growth places Solana far ahead of Ethereum, whose monthly volumes peaked at 55 billion dollars. A spectacular figure was observed on November 18, with a daily record of 7.14 billion dollars in transactions, a clear sign of the excitement that reigns on the network.

These significant figures are not the result of chance. They coincide with the resurgence of memecoins, which generate unprecedented frenzy on DEX. Two major platforms of Solana, Pump.fun and Raydium, saw their revenues explode, with 71.5 million and 182 million dollars for that single month, respectively. Solana is now the dominant blockchain in terms of DEX volume, highlighting the competitive advantage of speed and low transaction costs on the network.

The engines behind the SOL surge

Alongside the rise of DEX, the SOL token, native to Solana, saw its value soar by 61.5 % in November, peaking at $263. This rally is part of a favorable context for altcoins, as Bitcoin flirts with the $100,000 mark. Thus, this movement is supported by a growing adoption of the network, illustrated by a record number of 25 million active addresses according to Glassnode. This level of activity reflects a massive appeal for Solana in the crypto market, which seems to be gaining ground against Ethereum on several fronts.

On a technical level, the indicators support the thesis of a bullish potential for SOL. The breakout of a rounded bottom chart pattern could push its price up to $300, a target deemed achievable in the short term. However, some signals, such as an RSI of 70, suggest that the market is slightly overheated, which opens the door to a potential correction towards $200 before a new push.

The rise of Solana raises questions about the future of its ecosystem. As its innovative solutions attract more and more users, the blockchain will need to meet the challenge of maintaining this momentum and addressing the growing demands for security and sustainability. However, with record DEX volumes and a SOL ready to reach historic highs, Solana seems poised to redefine the rules of the game in the crypto world.