Solana Price Surges 1% as Solana DEX Volume Soars 40% in the Past Week

Solana price is in focus today, as it has increased 1% at press time, with the SOL/USD trading at $157. Despite the outlook, its 24-hour trading volume has plunged 9% to $2 billion, signaling dwindling market interest. However, SOL is up 7% in a week, 20% in a month, and 581% in a year. 

Meanwhile, Solana DEX Volume has skyrocketed by 40%, leaving Ethereum in the dust. According to data from DefiLlama, Solana’s DEX volume has surged in the past week, with $8.198 billion processed during this time.

#Solana flips #Ethereum in 7-day on-chain volume.

The flipenning is here!#BTC #ETH #SOL #Crypto #Blockchain pic.twitter.com/etO4VX2l0T

— Crypticker (@crypticker_) October 1, 2024

Moreover, the data indicates that Solana processed $1.256 billion in DEX volume over the last 24 hours, a figure it has maintained consistently through September 27.

On the other hand, Ethereum’s DEX volume growth over the past week is lower, as it has plunged 4.8% compared to Solana’s impressive 40% surge.

This shift suggests a renewed momentum for the Solana blockchain, which is known for its high-speed and lower fee transactions.

Solana Statistical Data

Based on CoinmarketCap data: 

• SOL price now – $157
• Trading volume (24h) – $2 billion
• Market cap – $73 billion
• Total supply – 585 million
• Circulating supply – 468 million 
• SOL ranking – #5

After reclaiming the $160 level over the past few days, Solana’s price quickly dipped to around $153. This has led to a tug-of-war between the bulls and the bears, forcing the Solana price into a consolidation phase. Over the past few days, the SOL price has been stuck in a tight range, with the upper limit/resistance at $160 and the lower limit/support at $153. 

This moving period between horizontal support and resistance levels may act as an accumulation period before the bulls initiate a strong upswing. Meanwhile, the Solana price is still bullish; however, let’s dive into the technical outlook and decrypt more.

The Solana price trades well above the 50-day Simple Moving Average (SMA)(green) and the 200-day Simple Moving Average (SMA)(blue). In this scenario, the SOL bulls have turned the $139 and $153 into immediate support levels, painting the market bullish.

On the other hand, the Relative Strength Index (RSI) sits well above the 50-mean level, currently at 53.90. This reinforces the bullish outlook in the SOL market, with the odds leaning to the bulls. Moreover, increased buying pressure will cause the RSI to climb to the 70-overbought zone, upholding the bullish outlook.

Meanwhile, the Moving Average Convergence Divergence (MACD) introduces a bearish outlook. This is evident as the blue MACD line has flipped below the orange signal line, suggesting a sell signal. In a layperson’s language, the traders and investors are inclined to sell SOL unless the MACD changes.

Solana Price Outlook

Based on the technical outlook above, there are mixed reactions in the SOL market, with neither the bulls nor the bears giving in. However, the SOL price is bound to slip below the rectangle pattern, before the bulls gain momentum for a strong uptrend. In such a case, a breach and break below the $153 support, will see the bears gain control, diving the SOL price to $150 mark.

After a slight retracement, the bulls will be forced to collect more liquidity, resuming a meaning uptrend. In such a case, bulls can build momentum for another attack at $160. A break above the $160 resistance zone, will see the SOL price hit the $200 mark in the short term.