Solana DEX volume reaches record high: will SOL rise to €300?

Monthly trading volumes on Solana's decentralized exchanges (DEX) have crossed the €100 billion mark for the first time.

In the month of November, the SOL token between rose 61.5% to a new high of €263, while Bitcoin almost reached the €100,000 mark.

Solana's growth and networking activity

Solana's rise is attributed to Donald Trump's recent victory in the U.S. presidential election and new memecoin hype on the network. This has led to record-breaking onchain activity, including a doubling of DEX volumes compared to October (€52.5 billion).

New platforms such as Pump.fun and Raydium have contributed to Solana's popularity through low transaction fees and user-friendly features. The number of active addresses peaked at nearly 25 million this month. Solana now represents 29.5% of Ethereum's market value and is the dominant blockchain in DEX volumes.

Price expectation: €300 possible?

Technical indicators point to further gains, with a price target of €300. However, the RSI is in overbought territory, which could imply a possible correction to €200. Nevertheless, Solana continues to perform strongly thanks to high network activity and increasing adoption.