- Solana’s DEX volume surpasses $100B, reflecting rapid adoption and network strength.
- SOL’s price depends on holding $225 support for a potential rally toward $267.
- Development progress and bullish sentiment highlight long-term growth potential for Solana.
November brought huge success for Solana, with DEX trading volume surpassing $100 billion. The network also achieved 11 billion transactions this year, proving rapid adoption and unmatched speed. Meanwhile, SOL trades at $240.77, reflecting a 2.58% dip in 24 hours. After reaching $267 earlier this month, traders wonder if the rally will continue or if more corrections are ahead.
🚀 Solana’s DeFi ecosystem is on fire! 🔥 Solana DEXes hit a major milestone with over $100 billion in monthly trading volume, outpacing Ethereum by over 100%!
🚀 With low fees, an intuitive interface, and a strong memecoin market, $SOL is set for more gains. Expect $400 next!… pic.twitter.com/Hu376W4FKW
— Crypto B 👑 (Never DM first) 🇧🇷 (@TheCrypto_B) November 26, 2024
Can Solana Hold Key Price Levels?
SOL’s price remains strong despite recent pullbacks. Bollinger Bands show resistance at $267.68 and critical support at $225.11. The Relative Strength Index sits at 71.67, indicating consolidation after overbought conditions. A break below $225 could push prices toward $182.53.
Holding this level, however, could spark another rally toward $267. This $225 zone will likely determine the next major move for SOL. Recent signals suggest more consolidation, not a sharp reversal. Buyers may return to drive momentum higher if support holds.
Growth and Market Optimism Support SOL’s Future
Solana’s progress extends beyond price. Developers continue improving the Solana network, with activity levels steady at 20.81. This consistent work highlights long-term commitment to ecosystem growth. Trader confidence remains high.
On November 25, liquidations hit $10.47 million for long positions compared to $1.17 million for shorts. This shows most market participants expect SOL to recover and test previous highs. Surpassing $100 billion in DEX volume reflects the network’s growing influence in decentralized finance.
Developer efforts and strong adoption provide a solid foundation for long-term success. Maintaining $225 as support could lead to a rally back toward $267 and beyond. However, failure to hold that level might result in a deeper correction. Overall, steady growth and bullish sentiment suggest Solana remains well-positioned for future gains.
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