Solana (SOL) has gained significant momentum, driven by its growing influence in the DeFi sector and its recent lead over Ethereum in daily DEX volumes. With SOL showing potential for a move toward the $200 mark, short-term bearish signals are tempered by strong support levels, maintaining investor interest. Solana’s expansion in the DEX market has positioned it as a noteworthy player in the crypto space.
Solana’s Rally Indicators
After a weekend rally, Solana’s price surged by approximately 8%, reversing a prior 7% drop on Friday and pushing SOL to a high of $177. However, resistance at this level caused a pullback to $173. While the altcoin has paused around the $177 mark, a strong support zone has formed around $164, suggesting that the price may remain steady despite minor pullbacks.
Currently trading at $176.98 with a 1.5% increase over the last 24 hours, Solana continues its upward trend. The daily trading range from $173.19 to $178.09 highlights the presence of solid support and resistance zones. SOL’s market cap stands at $83.2 billion, with a fully diluted valuation reaching $103.9 billion. Daily trading volume remains high at $3.6 billion, reflecting robust investor interest.
Solana’s Growth in DeFi Dominance
Solana’s rapid growth in the DeFi market is also evident in DEX trading volume, where it has taken the lead with a 35% weekly market share. With a total DEX volume of $15.78 billion, Solana has outpaced Ethereum’s $8.87 billion volume by a significant 77%, marking a major advantage for SOL in the DEX space.
🚨BREAKING BIG: Solana’s weekly DEX volume dominance over all chains hits an all-time high of 35%.
Solana’s $15.78B volume surpasses Ethereum’s $8.87B by 77.91%, marking its highest weekly lead over ETH to date. pic.twitter.com/4Zy2ckpIIu
— SolanaFloor (@SolanaFloor) October 28, 2024
Could Solana Retreat to $150?
While there is a short-term bearish outlook, SOL’s price is supported by several critical levels. Buyers are expected to step in before the price dips to $150, with key support at the 50 EMA at $168, the trendline near $165, and a neckline at $164. Buying interest at these levels may lift Solana back to $177, forming a potential ascending triangle.
Should an upward breakout from this triangle occur, SOL could test the $200 level. However, if selling pressure continues, short-term support at $156 (200 EMA) and the $150 mark may come into play as fallback zones.
