Solana Hits Record $200B DEX Volume Amid Memecoin Frenzy
Table of contents
SOL Price Struggles at Key Resistance
Despite repeated attempts, SOL has failed to break past the critical $270 resistance level. This marks the fifth rejection in recent days, highlighting a strong bearish presence in the market. Adding to the uncertainty, trading volume has declined, weakening SOL’s momentum. Meanwhile, technical indicators have turned bearish, suggesting the potential for a deeper correction.
Will SOL Drop to $240, or Is a Rebound Near?
After soaring from $175 to a new all-time high (ATH) above $295, optimism around SOL remains strong. However, the rejection at resistance signals persistent selling pressure. The Stochastic RSI (STOCHRSI) has reached its lower threshold, hinting at a possible rebound. SOL is currently testing the 50-day moving average (MA), and a breakdown could see prices dip below $240.
Institutional Push for Solana ETFs Fuels Bullish Outlook
While short-term volatility looms, Solana’s long-term prospects remain promising. The network’s dominance in the memecoin space has driven liquidity, and institutional interest in Solana ETFs continues to grow. If SOL finds support at $240 or $237, a strong rebound could follow, preventing a prolonged pullback.