Solana leads DEX volume, eyes $84 as price retests support

Technical breakout and price action

Currently priced at $77.33, Solana shows a 24-hour trading volume of $1.68 billion and a market capitalization of $45.02 billion. Despite recording a 1.47% decline over the past day, market observers note the cryptocurrency’s technical setup remains constructive.

Crypto analyst Aman pointed to Solana’s confirmation of an inverse head and shoulders breakout, a chart pattern typically viewed as a precursor to trend reversals. The price now retests the $75 to $76 region, which has shifted from a resistance zone to a support base. This transition is widely interpreted by traders as a sign that buyers are maintaining control at these crucial levels.

A descending trendline is also converging toward Solana’s support zone, creating a compression pattern. Such formations often precede significant price movements, and technical observers suggest that a breakout above the trendline could propel SOL towards $84.

Market analysts highlight that if Solana can sustain support around $75 to $76 and overcome the descending trendline, the price may push to the $84 region in the near term.

Soaring DEX volume and DeFi dominance

Data tracked by Tokens on Solana reveal that the network now ranks first among all blockchains for 24-hour spot DEX trading volume. This metric highlights Solana’s growing leadership in the decentralized finance (DeFi) sector.

The increase in DEX volume is seen as a sign of greater liquidity, consistent user activity, and expanding adoption of Solana’s fast, scalable blockchain ecosystem.

Mini dictionary: Tokens on Solana, an analytics platform that tracks various metrics and activities happening across decentralized applications on the Solana blockchain, providing insights into trading volume, user activity, and liquidity.

Market participants believe that sustained DEX trading volume on Solana may help the network reinforce its position among the leading Layer-1 blockchains.

Short-term outlook and risks

Although the broader crypto market remains cautious, with Bitcoin trading in a narrow range and altcoins under pressure, Solana’s improving DEX activity and supportive technical signals suggest that bullish sentiment could return if buyers regain control.

For Solana to continue its upward trajectory, market observers indicate the price must hold the $75 to $76 support area and decisively break through the ongoing downtrend line. Should momentum build, the price may challenge the $84 level. Conversely, failure to maintain these support zones may result in near-term weakness.

Traders emphasize the importance of ongoing support and rising volume for any sustained move higher, with the next upside target identified at $84 for SOL.