Solana (SOL) Price: Trading Volume Surge as Network Overtakes Ethereum in DEX Activity

TLDR

• Solana (SOL) is trading at around $197-$208 after recovering from a drop to $177, showing an 8.97% gain in 24 hours with trading volume up 15.44% to $11.53 billion.
• Analysts identify the $190-$200 range as a consolidation phase, with potential for rallies toward $203-$210 if support holds above $175-$190.
• Solana surpassed Ethereum in daily DEX trading volume, reaching $5.84 billion compared to Ethereum’s $5.75 billion, with $137 billion in DEX transactions over 30 days.
• Stablecoin supply on Solana hit an all-time high of $17.5 billion, driving increased liquidity on major DEXs like Jupiter, Raydium, and Phoenix.
• Open Interest rose 7.66% to $10.40 billion with total liquidations of $43.73 million in 24 hours, showing balanced market activity between long and short positions.

Solana is trading at approximately $197 to $208 after a recovery from recent lows near $177. The token showed an 8.97% increase in the last 24 hours. Trading volume climbed by 15.44% to reach $11.53 billion.

The price movement follows a 15.4% decline over the past week. Buyers returned to the market at the $190-$200 level. This range is being watched as a potential consolidation zone before the next directional move.

Crypto analyst BitGuru noted that Solana retreated from $253 and is now stabilizing around $190. He described this as a retest phase where the price forms a base. Another analyst, Crypto Tony, pointed out that Solana maintains a position above the $175 support zone.

Crypto Tony suggested a possible move to $203 if current levels hold. The $190 mark is viewed as important for maintaining short-term price structure. As long as buyers defend this range, the outlook remains positive.

Trading volume data from CoinGlass shows an increase of 43.25% to $32.91 billion. Open Interest grew by 7.66% to $10.40 billion. The OI-weighted funding rate stands at -0.0449%, reflecting balanced sentiment between long and short positions.

DEX Trading Volume Shifts

Solana surpassed Ethereum in decentralized exchange trading volume over a 24-hour period. Data from DefiLlama shows Solana recorded $5.84 billion in DEX volume compared to Ethereum’s $5.75 billion. Over 30 days, Solana facilitated nearly $137 billion in DEX transactions.

The increase in on-chain activity aligns with growth in stablecoin supply on the network. Stablecoin circulation on Solana reached an all-time high of $17.5 billion according to Artemis data. This liquidity has strengthened the chain’s position for high-frequency trading and automated market making.

Stablecoins like USDC and PYUSD serve as liquidity anchors on Solana’s major DEXs. These include Jupiter, Raydium, and Phoenix. The platforms have maintained deep order books during periods of high volatility.

Market Activity and Liquidations

Liquidation data provides insight into trader positioning. Total liquidations for SOL reached $43.73 million over 24 hours. Long positions accounted for $18.78 million while short positions totaled $24.95 million. This indicates active leverage use without widespread panic selling.

The Relative Strength Index for SOL stands at 47.7, showing neutral momentum. Technical analysis identifies resistance around $220 and support near $190. The price found support at approximately $180 during the recent market downturn before bouncing back.

Solana’s price moved from around $221 to $177 between October 10 and 11 before recovering. The rebound came alongside rising on-chain volumes and increased DEX liquidity. Current price levels reflect improved market conditions following last week’s sell-off.

Stablecoin inflows continue to support trading activity on the network. The growth in stablecoin supply represents both retail and institutional participation in Solana’s DeFi ecosystem. Major DEXs on the network have processed increased transaction volumes as liquidity remains elevated.

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