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SOL Looks Set to Outperform BTC as Solana-Based DEXs Register Record $41B in Trading Volume: Godbole
The bullish technical setup is backed by record trading volumes on Solana-based decentralized exchanges (DEXs).
Updated Nov 19, 2024, 9:12 a.m. Published Nov 19, 2024, 9:12 a.m.
- SOL/BTC's prolonged triangular consolidation has ended with a bullish breakout.
- Solana-based decentralized exchanges register record weekly trading volume that's bigger than the combined activity in Ethereum, Base and BSC.
It's said that the best trades occur when the tape, or the direction of the price trend, aligns perfectly with the fundamentals. The solana-bitcoin (SOL/BTC) ratio appears to be one of those rare cases, showcasing a solid bullish price pattern supported by equally impressive activity on the Solana blockchain.
Price Breakout
The SOL/BTC ratio rose over 1% last week, moving out of a narrowing price range, referred to as triangular consolidation in technical analysis.
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The breakout indicates that the bulls are finally willing to lead the price action, having been in a stalemate with the bears for eight months. In other words, a sustained uptrend looks likely.
The Moving average convergence/divergence (MACD) histogram, a indicator used to identify trend changes and strength, has crossed above zero, indicating a renewed bullish shift in momentum.
Fundamentals validate breakout
Whether Solana will ultimately replace Ethereum as the top smart contract blockchain remains a hot topic of debate. However, one thing is clear: Solana has established itself as the go-to-place for retail investors to trade memecoins, as evidenced by the surge in trading volumes which supports the bullish outlook for SOL.
Solana-based decentralized exchanges (DEX) have registered cumulative trading volume of $41.6 billion in the seven days to Nov, 17, more than double the preceding week and the highest on record, according to data source Artemis.
The Solana blockchain alone did more volume than Ethereum, Base and BSC's cumulative DEX activity of $37.9 billion, of which Ethereum accounted for $14.3 billion while the rest did over $11 billion each.
Furthermore, Solana continues to compete the rivals in terms of free revenue despite known for being relatively cheaper than Ethereum. For instance, the Solana-based decentralized exchange Raydium has generated $72.83 million in fees in seven days – that's 8% more than Ethereum's $67 million, according to DefiLlama. BTC, meanwhile, has generated a fee revenue of around $15 million in seven days.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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