โก Solana Cools Below $200 as DEX Fire Fizzles ๐ฅ๐ง
1. Market Update:
Solana (SOL) is trading near $195, down roughly 4.8% in the last 24 hours while traders absorb the wider crypto pullback. ๐๐ธ The token has failed to regain the $200 level, which was an important psychological resistance level which is now flipping into a consolidation ceiling. ๐ ๐ง
2. Decline in DEX Activity:
On-chain data suggests Solana has experienced a noticeable slowdown in DEX volume - indicating a waning retail interest and speculative trading. ๐๐งฎ After several weeks of strong transaction activity driven by memecoin hype and NFT liquidity, daily volume on the network has dropped by over 25%, impacting both demand and transaction fees. ๐ฑ๐
3. Technical Overview:
Support for SOL is emerging around the $180 area, with resistance at $205-$210. โ๏ธ๐ A daily close above $210 would likely initiate a short-term recovery, while breaking below $180 would risk a deeper correction towards $165. โ ๏ธ๐ช
4. Outlook:
Some analysts indicate the fundamentals remain intact for Solana where DeFi and AI-related projects are still being built out, however short-term sentiment is cautious as market liquidity shrinks. ๐ง ๐ง For traders, it is suggested to have patience and risk management until Solana returns to stronger buying momentum. ๐๐ฐ๏ธ
