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SOL Solana (SOL) becomes the focus of the market: Soaring DEX trading volume resonates with the signal of technological breakthroughs
Solana (SOL) has recently rekindled the market's bullish sentiment and become the focus of the crypto market due to the surge in trading volume on decentralized exchanges (DEX) and confirmed breakthroughs in technical forms. Analysts are closely watching its price trend, as prices are retesting key support levels while online trading activity continues to heat up.
Technical Breakthroughs and Price Trends
Solana currently reports US$77.33, with a 24-hour trading volume of US$1.68 billion, and a market value of US$45.02 billion. Despite a 1.47% decline in the past 24 hours, market observers pointed out that its technical side still maintains a positive structure.
Cryptocurrency analyst Aman pointed out that Solana has confirmed a breakthrough in forming a head-on-shoulder reversal pattern-a chart pattern that is often seen as a precursor to a trend reversal. Prices are currently retesting the $75 to $76 range, which has shifted from resistance to support. Traders generally believe the shift shows buyers are maintaining dominance at these key price levels.
In addition, a downtrend line is gradually converging to Solana's support range, forming a compressed pattern. Such patterns usually signal significant price fluctuations. Technical analysts pointed out that once the trend line is exceeded, SOL could reach $84.
Market analysts emphasized that if Solana can hold the support level near US$75 to US$76 and break through the downtrend line, prices are expected to move towards the US$84 region in the short term.
Soaring DEX transaction volume and DeFi dominance
According to data tracking by Tokens on Solana, the network ranks first among all blockchains in 24-hour spot DEX transaction volume. This indicator highlights Solana's growing leadership in decentralized finance (DeFi).
Growth in DEX transaction volume is seen as a signal of increased liquidity, continued user activity, and increased adoption of Solana's fast, scalable blockchain ecosystem.
Small Dictionary: Tokens on Solana is an analytics platform that tracks indicators and activities of various decentralized applications on the Solana blockchain, providing insights into transaction volume, user activity and liquidity.
Market participants believe that continued DEX transaction volume on Solana will help consolidate its position as the leading Layer-1 blockchain.
List of key indicators
Current price: US$77.33
24-hour trading volume: US$1.68 billion
Market value: US$45.02 billion
Support range: US$75 - 76
DEX trading volume ranking: first among all blockchains (ICP, BNB, etc. follow closely)
Potential upside target: US$84
Short-term outlook and risks
Although the overall crypto market remains cautious, Bitcoin is trading within a narrow range and mainstream currencies are under pressure, Solana's improving DEX activity and positive technical signals suggest that bullish sentiment may return if buyers regain control of the situation.
Market observers pointed out that if Solana wants to continue its upward trend, prices must hold on to the US$75 to US$76 support area and decisively break through the current downtrend line. If momentum builds up, prices may challenge the $84 level. On the contrary, if these support areas cannot be held, they may face short-term weakness.
Traders stressed that continued support and rising trading volume are crucial for any sustainable upswing, and SOL's next upside target is locked at $84.
