- Solana’s price reached a new yearly high of $244.44 on November 18, closing in on its all-time high of $260.
- Solana’s decentralized exchange (DEX) volume hit a new weekly all-time high of $41.2 billion last week, surpassing its previous records by over 100%.
- An analyst identified a monthly cup-and-handle pattern breakout for Solana, targeting a potential price of $400 once it clears its previous all-time high.
Solana’s price has been surging lately, moving closer to its all-time high. The network’s decentralized exchange (DEX) volumes also recently hit new records, topping $40 billion in weekly volume. Multiple analysts now believe Solana is poised for further upside after breaking out from a bullish technical pattern on its monthly chart.
Solana Hits New 2022 High as DEX Volume Surges
Solana reached a new 2022 high of $248.44 on November 18 after posting its second highest weekly close ever. The altcoin is now less than 8% away from its all-time high of $260.
Meanwhile, Solana’s DEX volumes have exploded to new highs. According to DefiLlama, Solana’s weekly DEX volume reached a record $41.2 billion last week, more than double its previous all-time high of $18 billion. In fact, Solana’s volume now exceeds the combined share of Binance Smart Chain, Arbitrum, and Ethereum.
Solana comprised 48.27% of total DEX volume over the past 24 hours. For comparison, Ethereum’s DEX volume peaked at $37 billion in May 2021, much lower than Solana’s recent surge.
source: coingecko
Bullish Cup-and-Handle Pattern Points to $400 Target
From a technical perspective, Solana just broke out from a bullish cup-and-handle pattern on its monthly chart. According to analysts, this pattern has a 95% success rate historically and yields average profits of 54% after breaking out.
Now that Solana has cleared this level, analysts say it could now target $400. Solana has also flipped previous resistance levels into support, adding to its bullish outlook.
Conclusion
With Solana surging to new highs both price-wise and onchain, analysts are growing confident the altcoin has plenty of room to run. The bullish technical pattern projects a move to $400 if Solana can clear its previous all-time high around $260. Solana’s booming DEX volumes are also a positive sign for its ecosystem and outlook.
