The Solana ecosystem is seeing increased activities as the price of SOL retested the $220 level for the first time since 2021. Hence, it’s likely that its native token SOL is about to enter a bullish phase coinciding with the broader market uptrend.

Solana Price Surge and Robinhood Relisting

SOL saw a significant price spike on November 13 and returned to the $200 range. As a result of this upswing, SOL’s price temporarily peaked at $220. Robinhood’s decision to relist SOL on its trading platform boosted market confidence, coinciding with the price rise.

The relisting on Robinhood coincided nicely with the bullish technical signals for SOL. One such signal was the appearance of a “bull flag” formation on the weekly chart.

This pattern usually indicates that a price spike is imminent. According to analysts, if Solana can sustain its current levels, it could experience additional upward momentum, setting it up to rise above its all-time high of $260.

Technical Analysis Hints at Bullish Momentum

Moreover, the Bull Bear Power (BBP) measure suggests a bullish run for SOL. The BBP showed that buyers maintain the cryptocurrency’s price above the 13-period Exponential Moving Average (EMA), indicating strong market sentiment.

The Parabolic Stop and Reverse (SAR) signal supports this positive outlook. The SAR, frequently used to determine the direction of trends and possible reversals, has kept its dots below Solana’s price level.

Given that the SAR usually only indicates a trend reversal when the dots go above the price, its current stance implies that SOL’s price may continue upward. Historical trends further support this bullish trend.

SOL has a history of generating double-digit growth after similar SAR indications. If history repeats and the other signals hold, Solana may hit $260 shortly.

Record-Breaking Trading Volumes

Aside from price trends, Solana’s decentralized exchange (DEX) ecosystem has also shown impressive growth. According to data from DeFiLlama, Solana DEXs have had record-breaking trade volumes in recent days.

Trading volumes started to exceed $5 billion per day on November 11 and reached $7.03 billion by November 13. This spike in volume highlights Solana’s growing popularity in the DeFi market, where it has led other blockchains in DEX trading activity for three weeks in a row.

Raydium and Orca are the leading performers in this ecosystem. Raydium accounts for 62.47% of Solana’s entire DEX trading volume.

It had $4.32 billion in daily trades and a trading volume of $19.56 billion last week, representing a 127% increase. Orca has a 24-hour trading volume of $1.57 billion and a seven-day total of $6.42 billion.

Solana Outpaces Ethereum in DEX Trading Volumes

One of the most remarkable aspects of Solana’s recent achievements is its consistent outperformance of Ethereum in DEX trading volumes. Artemis.xyz data shows that Solana’s DEX activity has outpaced Ethereum’s for four days.

As Ethereum’s volumes declined, the volume difference, which was $0.2 billion on November 1, gradually grew. By November 9, Solana’s DEX trading volume was nearly $4.6 billion, while Ethereum’s was only $2.4 billion.

Then, on November 13, the Ethereum rival’s DEX trade volume reached $6.9 billion, more than doubling Ethereum’s $3.4 billion, setting a new high in volume difference. This supremacy shows Solana’s competitive advantage in transaction speed and scalability.

Even though Ethereum has been around for a while, it has had problems with expensive fees and poor transaction times, which Solana doesn’t. Accordingly, this Ethereum rival attracts traders and investors looking for quick and inexpensive transactions, strengthening its position as the industry leader.

Solana’s Future Outlook

Given its recent price spike, breakout technical signs, and growing DeFi footprint, SOL is in a solid position to continue its upward trajectory. If it succeeds, this network could maintain its position as a significant force in the cryptocurrency and DeFi markets, making it the adequate substitute for more established blockchain choices like Ethereum.

Meanwhile, Ethereum and other altcoins have seen a spike in market capitalization, coinciding with Bitcoin’s all-time high.