- Solana’s DEX volumes have surged to a two-month high of $3.7B, driven by rising meme coin activity, boosting demand for SOL.
- Despite bullish momentum, mixed technical signals suggest caution as SOL navigates key support and resistance levels.
Solana is making waves again. As decentralized exchange (DEX) volumes on the Solana blockchain surge to a two-month high of $3.7 billion, the native SOL token is showing signs of strength — but not without a few caution flags.
According to data from DeFiLlama, Solana’s DEX volumes have soared by more than 35% over the past two days, briefly surpassing Ethereum’s $2.41 billion in the same window. This uptick is largely fueled by a frenzy around meme coins like TRUMP, which recently saw its market cap skyrocket from $1.8 billion to $2.4 billion in under 24 hours.
Also read: XRP Price Prediction: Ripple Eyes $3 as Teucrium ETF Surpasses $40M in Just Three Weeks
This explosive growth in DEX activity is bullish for SOL price, as users must purchase SOL to pay gas fees on Solana-based exchanges. That demand surge is keeping investor sentiment upbeat — for now.
However, a closer look at the technicals paints a mixed picture. While SOL has remained volatile between $143 and $153 over the last 24 hours, profit-taking by some traders is clashing with fresh accumulation by others. The result: choppy price action and growing tension between bulls and bears.
On the four-hour chart, the MACD has converged with its signal line — a potential sell signal — while the RSI is tilting downward, signaling weakening buying pressure. Despite these headwinds, SOL continues to trade within an ascending channel, forming higher lows and highs — a classic bullish structure.
For SOL to maintain its upward trajectory, it must defend the $147 support level. A successful hold could see the price push toward $180 and possibly challenge the psychological barrier at $200. However, a breakdown below the channel’s lower trendline could flip the outlook bearish.
Bottom line: surging DEX volumes and meme coin mania are boosting short-term bullish sentiment for Solana. But with mixed technical signals, traders should keep a close eye on key support and resistance levels — and brace for a potentially volatile ride ahead.