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Sujit Kumar
Jan 25, 2025

Solana Hits Record $200B DEX Volume Amid Memecoin Frenzy

Solana Hits Record $200B
The Solana Network has set a new milestone, surpassing $200 billion in monthly DEX trading volume, thanks to the explosive launch of the TRUMP (TRUMP) memecoin. This historic surge briefly propelled SOL’s price above its consolidation range, but bearish pressure quickly halted the rally, raising concerns about a potential downward trend.

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.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Solana Hits Record $200B DEX Volume Amid Memecoin Frenzy
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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