Solana (SOL) has jumped 28.4% in the last month. But lately, it's hit the brakes—gaining less than 1% this past week after briefly reaching $184.
Even so, Solana is still leading in decentralized exchange (DEX) activity. It topped all blockchains with a massive $27.9 billion in weekly trading volume!
Solana Dominates DEX Trading
Solana is crushing it in the DEX world. For four weeks in a row, it’s had the highest trading volume, beating Ethereum, BNB Chain, Base, and Arbitrum.
Last week alone, Solana saw a 45.78% spike in DEX volume. Even during slower months, it’s been consistently above $20 billion.
Solana’s ecosystem is also booming. Four of the top 10 fee-generating apps this week run on Solana. A new launchpad app, Believe App, brought in $3.68 million in fees in just 24 hours—outperforming big names like Uniswap and PancakeSwap.
SOL’s Momentum Slows
Some warning signs are starting to show. Solana’s RSI (a momentum tracker) has dropped to 51.99, down from 66.5 just a few days ago. That’s a sign traders are getting cautious.
If RSI goes above 60 again, it could mean more gains. But if it falls below 45, SOL could dip further.
Other indicators like the Ichimoku Cloud also show a cooling trend. The price is now close to key lines that suggest buyers and sellers are at a standoff. A clear move above these lines might bring back momentum—but dropping into the cloud zone could lead to a longer pause or even a drop.
EMA Shows Bullish Structure, But Strength Fades
Solana’s trend still looks positive overall. Its short-term moving averages are above the long-term ones—this is bullish. But the gap is getting smaller, hinting at fading momentum.
SOL recently hit resistance and couldn’t break through. If it tries again and succeeds, we might see a push toward $200. But if it fails and support levels break, the price could fall further.
For now, Solana is at a turning point. Whether it climbs or slips depends on who takes control—buyers or sellers.
