Half of DEX Volumes are Flowing into Solana- Will This Be a Catalyst for SOL Price to Reach $500 in 2024?

The post Half of DEX Volumes are Flowing into Solana- Will This Be a Catalyst for SOL Price to Reach $500 in 2024? appeared first on Coinpedia Fintech News

The bears are slowly gaining strength with the beginning of the American trade as the markets are plunging from the highs. Solana’s price has also marked a new ATH at $263, just above the previous one at $260, with a massive increase in bullish sentiments and volume. Therefore, the SOL price rally is expected to revamp a strong upswing and mark fresh highs as the DEX volumes surge to unexpected levels. 

The DEX volumes are on the rise! The levels have risen from the range of around $6 billion to $7 billion to as high as $17.5 billion. Interestingly, Solana has marked nearly half of the volume by hitting highs above $7 billion, surpassing Ethereum, which is known as the home for DEX and DeFi. This suggests a major shift in the trader’s sentiments, as they appear to have become more hopeful of the SOL price rally, which has just reached new highs. 

What’s next for the Solana price rally? Where could be the next ATH?

Here is the simple monthly chart of the Solana price rally, which suggests the token is at the foothill of a massive explosion. The token has just broken the neckline of a cup & handle pattern and is supposed to trigger a strong rise to $300 in a short while from now. However, a small retest to $280 could be more prominent in attracting fresh liquidity onto the platform while keeping the bullish momentum alive. 

Having a closer look over the technicals suggests that the RSI is about to enter the overbought zone after undergoing a parabolic recovery. Besides, the OBV remains incremental, suggesting a constant influx of liquidity, which is backing a strong ascending trend. Therefore, the Solana price rally appears to be primed to reach $300 anytime from now and after a brief pullback, the upswing may further escalate to reach $400 by the end of the year. However, the peak is expected to be a 4-digit figure, which may occur somewhere in 2025.