Half of DEX volume is flowing into Solana. Will this be the catalyst for SOL price to reach $500 in 2024?

The bears are slowly gaining strength as U.S. trade opens with the market plunging from its highs. Solana’s price also hit a new ATH of $263, just above its previous price of $260, which reflects bullish sentiment and a significant increase in trading volume. Therefore, SOL price growth is expected to regain its strong upward momentum and hit new highs as DEX trading volume surges to unexpected levels.

DEX volume is increasing! The amount increased from approximately $6 billion to $7 billion to as much as $17.5 billion. Interestingly, Solana surpassed Ethereum, known as the home of DEX and DeFi, and recorded almost half of the volume, reaching a peak of over $7 billion. This signals a major shift in trader sentiment as hopes for a SOL price rally, which has just reached new highs, appear to have grown stronger.

What’s next for Solana’s price rise? Where will the next ATH be?

Here is a simple monthly chart of Solana price growth: This indicates that the token is at the foot of a large explosion. The token has just broken the neckline of the cup and handle pattern and is expected to trigger a strong rally up to $300 in the short term from now. However, a small retest of $280 could be more prominent in maintaining the bullish momentum and attracting new liquidity to the platform.

Taking a closer look at the technical aspects, it appears that RSI will soon enter overbought territory after a parabolic recovery. Moreover, OBV continues to remain incremental, which means liquidity is continuing to flow in, supporting a strong upward trend. So it looks like the Solana price rally is poised to reach $300 any time from now, and after a brief pullback, the rally could expand even further and reach $400 by the end of the year. However, the peak is expected to be in the four digits which could occur somewhere in 2025.