Solana (SOL) is retesting a key macro downtrend after a brief breakout, with buyers now defending this level for potential validation. Technically, it remains below key EMAs with weak bearish momentum, while RSI shows only a partial recovery for the Solana price. Despite this, Solana still leads in DEX trading volume, showing strong on-chain activity.
At the time of writing, Solana is trading at $84.84 with a 24-hour trading volume of $3.66 billion and a market capitalization of $49.01 billion. Despite the signs of stability over the last 24 hours, the question is whether the SOL could maintain its momentum amid improving RSI and network growth.
Source: CoinMarketCap
Solana Price Defend Key Retest Zone After Breakout
According to the crypto analyst Scient, the Solana price is testing a major macro downtrend on the daily chart for the third time since its cycle highs, but this time the structure looks different.
The Solana price has broken slightly above the trendline and is now retesting it as support, suggesting a potential shift from repeated rejection to early breakout validation if buyers defend this level.
Source: Scient’s X Post
But a confirmation seems impossible for the Solana price since both Bitcoin and Ethereum are struggling to show any consistent strength, leading to little faith in making any independent moves.
SOL is not an independent coin as well, and hence the best chance to make some profits might depend on having control over the whole market scenario.
Also Read: Solana (SOL) Price Outlook Strengthens Following BILL Integration
Key Moving Averages Point to Downward Pressure
According to TradingView, the Solana price trend has shifted from being extremely bullish, reaching an almost $98.50 high, to experiencing a bearish correction.
The Solana price is trading below its important EMAs, which currently act as significant resistance levels, with the 20 EMA resting at the $85.06 mark. The token is briefly pushed down to $81.50 before buyers lifted it back to $84.75.
Source: TradingView
The Relative Strength Index reflects the same trend of falling, moving from extremely high overbought territory towards the extremely low oversold region at 20.00.
Currently, the RSI is showing signs of recovery, standing at 46.89 below the yellow signal line and below the 50.00 level, indicating that despite the fact that a flurry of sell-offs has calmed down, it is still the bearish camp leading the pace.
Solana Leads All Chains in DEX Trading Volume
The data from the crypto analyst Solana Sensei revealed that Solana leads as the powerhouse behind all DEX trade volume, surpassing any other Layer 1 and Layer 2 network when it comes to DEX trade volume in various time intervals.
This has been enabled by its high transaction speed, negligible fees, and a growing DeFi ecosystem, making it the ideal place for trading.
Source: Solana Sensei’s X Post
The same trend is seen on a wider scale, with trading being concentrated in the Solana blockchain environment while others remain dispersed throughout scaling methods and competing liquidity pools.
In spite of all the conversations regarding sustainability, the facts are clear: Solana maintains its top position among the top-volume DEXs.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Solana Expands Real-World Payments Through AirAsia MOVE
