Solana price has surged significantly over the past month, capturing attention within the cryptocurrency market. This November, the Layer 1 blockchain reached an all-time high, fueled by a bullish trend and increased investor confidence. Solana’s rally has been marked by its ability to break multiple resistance levels, signaling a strong upward momentum. The growth coincides with broader market improvements and rising speculation of a breakout as decentralized exchange (DEX) trading volumes hit new records, eyeing $500 Milestone.

Solana Price Spikes: Will Record DEX Activity Push It to $500?

Solana price is gaining momentum as the blockchain sets a new record in decentralized exchange (DEX) activity. According to DefiLlama, Solana’s monthly DEX trading volume for November 2024 surpassed $100 billion, reaching $109.8 billion by November 25. This marks a 109% surge from October’s $52.5 billion.

The milestone highlights Solana’s growing adoption and high network efficiency, with the blockchain processing 11 billion transactions year-to-date. Solana’s DEX volume outpaced Ethereum’s mainnet, which recorded $55 billion in the same timeframe.

The surge reflects Solana’s ability to handle high volumes while maintaining lower fees and faster speeds than competitors. As Solana’s ecosystem expands, speculation mounts on whether its price could reach $500. The consistent growth in trading volume underscores the network’s technological strength and increasing relevance in the blockchain space.

Source- DeFiLiama

SOL Price Eyes 110% Folloing Market Surge

After a 35% surge in the past month, the SOL price sharply declined, falling 7% within the last 24 hours. The cryptocurrency trade is at $236, down from a high of $256 during the same period.

Solana’s price is under pressure as the broader crypto market today has experienced selling after a recent bullish rally. Bitcoin (BTC), the market leader, has fallen to $93,000, indicating a shift in sentiment toward caution. Altcoins show mixed performance, with Ethereum (ETH) trading near $3,300. 

The Solana price forecast is gaining attention as it eyes the $270 resistance level this month. Analysts suggest that sustained bullish momentum could push the cryptocurrency to $300, with further upward potential leading to a 110% surge and a target of $500.

The technical indicators for layer 1 suggest a mixed trend as the cryptocurrency experiences a slight pullback. The Chaikin Money Flow (CMF) indicator, which currently stands at 0.14, suggests a steady inflow of capital into the asset

Solana Price Chart: TradingView

Solana’s ecosystem growth and record DEX activity signal strong potential. However, price fluctuations highlight market caution and volatility. Continued bullish momentum and investor confidence remain crucial for Solana to achieve its ambitious $500 price target.

The post Solana Price Eyes $500 Milestone as DEX Volume Hits New Highs appeared first on CoinGape.

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Filed under: News - @ November 26, 2024 11:25 am