TL;DR
- Solana’s price nears $300, driven by record-breaking DEX trading volume of $27 billion, fueled by meme coins TRUMP and MELANIA.
- Solana’s on-chain metrics and TVL have reached record levels, indicating growing activity and interest within the ecosystem.
- Technical analysis shows Solana’s price broke above a descending trendline, with the potential to retest its all-time high and reach $300.
Solana (SOL) is on the verge of reaching a significant milestone as its price hovers around $263 on Monday, following a new all-time high of $295 the previous day. The surge in Solana’s price is largely attributed to the impressive performance of its DEX trading volume, which has hit a record $27 billion, driven by the popularity of meme coins TRUMP and MELANIA.
Record-Breaking DEX Volume
The recent rally in Solana’s price has been fueled by a substantial increase in DEX trading volume. According to Artemis data, Solana’s DEX trading volume rose sixfold, from $4.5 billion on Thursday to $27 billion on Sunday.
This surge in trading activity has been primarily driven by the rise of meme coins TRUMP and MELANIA on the Solana blockchain, which have attracted a significant number of retail investors and contributed to the overall bullish sentiment.
On-Chain Metrics and Technical Outlook
Solana’s on-chain metrics have also reached record levels, further supporting the bullish outlook for the cryptocurrency. Data from DefiLlama shows that Solana’s TVL increased from $10.11 billion on Monday to $14.24 billion on Sunday, the highest level since the platform’s launch.
This increase in TVL indicates growing activity and interest within the Solana ecosystem, suggesting that more users are depositing or utilizing assets within SOL-based protocols.
Additionally, Solana generated $34.27 million in fees on Monday, setting a new all-time high daily. This further bolsters the bullish outlook for Solana, as it demonstrates the platform’s ability to generate significant revenue from its growing user base.
Technical Analysis
From a technical perspective, Solana’s price broke above a descending trendline on Friday and rallied over 34% to reach a new all-time high of $295.83 on Sunday. However, the sharp rise led to a pullback, with SOL retesting its daily support level of $230. At the time of writing, Solana’s price has rebounded to around $263.
If Solana continues its upward momentum, it could retest its Sunday all-time high of $295.83 and potentially extend the rally toward the psychologically important milestone of $300. The Relative Strength Index (RSI) on the daily chart reads 69, indicating bullish momentum, although traders should remain cautious as it approaches overbought levels.
