Solana Creates History, Hits $200B DEX Monthly Volume; Will SOL Price Break Below the Support? Here’s What’s Next
Ever since memecoin was launched on the Solana network, traders have become extremely wary. As a result, almost every token launched on the platform has gained huge attention, thereby generating traffic on the platform. Additionally, the launch of “Official Trump” (TRUMP) by the president himself raised the bar for the network. The network’s DEX trading volume has soared and continues to hit new highs. As a result, Solana DEX made history, with monthly trading volume reaching $200 billion, surpassing all other major chains, including Ethereum.
These milestones undercut the platform’s growing dominance in the DeFi space, which could be crucial for the Solana network. In addition, speculation about the approval of spot SOL ETF is also rampant. Therefore, expect stronger moves as SOL price compresses near its previous all-time highs. Prices experiencing significant bearish pressure are seen as a consequence of more than 73% of massive bullish moves.
However, these are considered normal and necessary, which has helped keep prices at key levels. So the next leg up seems to be only a matter of time.
SOL’s STF price action suggests that trading will continue within a consolidation range but within a decisive symmetrical triangle. The price has bounced off rising support but is yet to break above local resistance near $250. However, as history shows, levels around $250 have failed to act as strong resistance or support; therefore, prices are likely to continue to fluctuate around this level. However, the Stochastic RSI is close to triggering a bullish bounce, but the RSI continues to move towards the lower bound.
therefore, Solana(SOL) Price Bearish pressure is expected for a period of time, which could drag the price closer to $240 levels, but a strong rebound is likely to follow. As shown in the chart above, the price may break out of the triangle and reach $270 before the end of the month. Previously, the coin failed to sustain at these levels, but if bulls manage to break above them, a move above $300 could soon occur.
