TLDR
- Solana (SOL) rebounded to $197-$208 after falling to $177, posting an 8.97% gain in 24 hours with trading volume reaching $11.53 billion.
- The network overtook Ethereum in daily DEX volume with $5.84 billion compared to Ethereum’s $5.75 billion, processing $137 billion in DEX trades over 30 days.
- Stablecoin supply on Solana reached an all-time high of $17.5 billion, boosting liquidity across major platforms like Jupiter, Raydium, and Phoenix.
- Analysts identify $190-$200 as a key consolidation zone with potential rallies toward $203-$210 if support holds above $175-$190.
- Open Interest increased 7.66% to $10.40 billion while total liquidations hit $43.73 million in 24 hours, showing balanced market sentiment.
Solana is currently trading between $197 and $208 after recovering from a recent low of $177. The token posted an 8.97% increase over the past 24 hours. Trading volume rose by 15.44% to $11.53 billion during this period.
The recovery comes after a 15.4% decline over the previous week. Buyers stepped in at the $190-$200 level, creating a potential consolidation zone. Market participants are monitoring this range for signs of the next directional move.
Crypto analyst BitGuru observed that Solana is stabilizing around $190 after retreating from $253. He characterized this as a retest phase where price action establishes a new base. Another analyst, Crypto Tony, highlighted that Solana maintains support above $175.
Tony suggested the token could push toward $203 if current levels remain intact. The $190 mark serves as a critical threshold for maintaining bullish momentum. Buyers defending this range keep the short-term outlook favorable.
Record DEX Trading Activity
Solana surpassed Ethereum in daily decentralized exchange volume for the first time. DefiLlama data shows Solana recorded $5.84 billion in DEX volume versus Ethereum’s $5.75 billion. The network processed nearly $137 billion in DEX transactions over the past 30 days.
This surge in activity corresponds with record stablecoin growth on the network. Stablecoin circulation on Solana hit an all-time high of $17.5 billion according to Artemis data. USDC and PYUSD have become primary liquidity sources on major DEXs.
Jupiter, Raydium, and Phoenix have maintained deep liquidity pools throughout recent volatility. The platforms continue to process high-frequency trades and automated market maker activity. This infrastructure supports sustained trading volumes even during market stress.
Trading Metrics and Market Data
CoinGlass data reveals trading volume jumped 43.25% to $32.91 billion. Open Interest climbed 7.66% to reach $10.40 billion. The OI-weighted funding rate stands at -0.0449%, indicating balanced positioning between bulls and bears.
Liquidation activity totaled $43.73 million over 24 hours. Long positions accounted for $18.78 million while shorts represented $24.95 million. This distribution suggests active leverage without panic-driven selling pressure.
The Relative Strength Index sits at 47.7, showing neutral momentum with room for upward movement. Technical analysts identify resistance near $220 and support around $190. Price action found a floor at approximately $180 during last week’s broader market downturn.
Price Movement and Support Levels
Solana dropped from around $221 to $177 between October 10 and 11 before staging its recovery. The rebound coincided with increasing on-chain volumes and elevated DEX liquidity. Current price levels reflect improved conditions following the recent sell-off.
The $17.5 billion in stablecoin supply represents growing institutional and retail participation. This liquidity injection strengthens Solana’s position as a venue for high-volume trading. Market observers view the stablecoin inflows as a sign of maturing DeFi infrastructure rather than speculative activity.
Trading volume across Solana’s DEX ecosystem continues at elevated levels. The network processed $5.84 billion in decentralized exchange volume during the most recent 24-hour period. Open Interest remains above $10 billion, indicating sustained trader engagement across derivatives markets.
