I realize my question is more of a pharmacological one than a neuroscientific one, but I didn't know where else to ask this question.
As far as I've read, there's two components to how psychedelics work:
Psychedelics agonise serotonin 2A receptors. This causes an over-saturation of serotonin in the brain, which causes the effects.
Psychedelics reduce blood flow to the DMN (default mode network), which reduces its supply of oxygen, and therefore its activity. That makes the brain redirect the neural activity out to the "fringes" of the brain, which causes signals to travel new paths. These new paths often involve different parts of the brain that wouldn't usually communicate. This causes synesthesia, new perspectives and a generally just a very altered mental and visual perception.
Now, is it so that both, neither or only one of these explanations are correct? Perhaps it is the over-saturation of serotonin that reduces the blood flow to the DMN?