Solana (SOL) Price Targets $200 Amid DEX Volume Growth
Solana (SOL) is experiencing market fluctuations, currently down 4.49% over the past week, with a market cap of $90.4 billion.
Price Analysis
- SOL price struggles to reach $200, currently trading at $186.42.
- Recent price trend shows support at local trendline and resistance at $200.
- Daily RSI indicates bullish divergence, suggesting potential upward movement.
Price Targets
- Immediate support at $195, near the 20 and 100 EMA lines.
- Key resistances include $200 and $215; breaking these could lead to $270.
- Downside risk exists if local support breaks, potentially retesting $157.
Risks
- TD Sequential indicator signals a potential sell-off in SOL and other major cryptocurrencies.
- Increased volatility expected ahead of CPI report release.
DEX Volume Growth
- Solana's DEX trading volume has exceeded previous months, totaling $3.542 billion in the last 24 hours despite a 9.97% weekly decline.
- In January 2025, Solana’s DEX volume reached $60.633 billion, surpassing Ethereum ($32.913 billion) and Base ecosystem ($24.848 billion).
- Growing DEX activity may increase demand for SOL, potentially driving prices higher.
Traders should monitor key support levels and technical indicators while navigating potential risks in Solana's market landscape.