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    Solana reaches new annual high and breaks DEX volume records, potential rise to $400 anticipated

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    Solana’s crypto coin hit a new annual high on Nov 18, reaching $248.44 and hinting at a potential price discovery period. Despite Solana not seeing a recent rapid price increase, its trade volume on decentralized exchanges (DEX) broke existing records by 100%. It hit a new total DEX volume high of $41.2 billion, surpassing Base, BNB Smart Chain, Arbitrum, and Ethereum networks. Analysts believe if Solana can surpass its all-time high against Bitcoin, it might rise to $400. Data also shows Solana recorded positive spot buy volumes, second only to Bitcoin.

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    On Nov. 18, Solana hit a new high for the year, reaching $248.44. This was the second highest closing price for its weekly trend, right after its record high in November 2021. Although Solana is still 8% below its all-time high (ATH) of $260, a lot of experts think this fourth-largest crypto coin is about to enter a price discovery period.

    Solana’s trade volume on decentralized exchanges (DEX) beat its existing records by 100%. While Solana hasn’t seen a fast-paced rise in price recently like other crypto coins, such as XRP, Cardano or Stellar, it’s still showing promising signs. Especially since last week, its DEX volume hit a new all-time high of $41.2 billion. In comparison, the previous records were about $18 billion a week before and around $17.5 billion in March 2024.

    In fact, Solana’s total DEX volume is larger than the combined volume of Base, BNB Smart Chain, Arbitrum, and Ethereum networks. Over the past 24 hours, Solana made up 48.27% of the total volume.

    Crypto researcher, Aylo, pointed out that Ethereum’s DEX volume had topped at $37 billion in May 2021 and noted that if Solana can surpass its own ATH against Bitcoin, it will accomplish something Ethereum failed to do during the last cycle.

    Another analyst, Titan of Crypto, spotted a bullish pattern – a cup-and-handle – on Solana’s monthly chart which usually has a success rate of 95%, and on average a profit yield of 54% from a breakout. If Solana surpasses its previous all-time high, it might shoot up straight to $400.

    Data from CoinGlass shows positive spot buy volumes for Solana, which was second only to Bitcoin among the top 10 crypto assets (excluding stablecoins). Remember though, investing in crypto can be risky, so do your own research before making any decisions.

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