Solana (SOL) Surges Past $244 as DEX Volume Crushes Ethereum

Solana (SOL) Surges Past $244 as DEX Volume Crushes Ethereum - Blockchain.News

Quick Take

• SOL currently trading at $244.47 (+0.20% in 24h) • Solana's RSI at 67.02 suggests continued bullish momentum without overbought conditions • Network dominance explodes with 85M tokens launched and DEX volume surpassing Ethereum

What's Driving Solana Price Today?

The SOL price rally gained significant momentum this week following Solana's historic achievement of surpassing Ethereum in daily decentralized exchange volume. On September 15th, Solana's DEX volume reached an impressive $7.93 billion, nearly doubling Ethereum's $4.03 billion - a clear indication that users are flocking to Solana's faster and cheaper network.

This volume surge directly correlates with the 8% weekly price gain, as increased trading activity typically drives demand for the native SOL token. The milestone represents more than just numbers; it signals a fundamental shift in how traders and DeFi protocols view blockchain scalability and cost-effectiveness.

Adding fuel to the bullish fire, recent data shows Solana now hosts 85 million of the 100 million tokens launched across major blockchain networks. This ecosystem dominance demonstrates developers' preference for Solana's infrastructure, creating a positive feedback loop that should continue supporting SOL price appreciation.

Perhaps most remarkably, Solana matched Ethereum's lifetime transaction count in August 2025 alone, processing 2.9 billion transactions. This achievement showcases the network's superior scalability and positions it as a serious competitor to established blockchain platforms.

SOL Technical Analysis: Strong Bullish Signals Emerge

The Solana technical analysis reveals overwhelmingly positive momentum across multiple indicators. SOL's RSI currently sits at 67.02, placing it in the neutral-to-bullish zone without reaching overbought territory - suggesting room for continued upside movement.

Solana's MACD histogram shows a positive 1.5731 reading, confirming bullish momentum is strengthening. The MACD line at 13.1314 trading well above its signal line at 11.5583 indicates the uptrend remains intact and could accelerate further.

Moving averages paint an exceptionally bullish picture for SOL price action. The current $244.47 price trades significantly above all major moving averages: 10% above the 7-day SMA ($241.46), 20% above the 20-day SMA ($222.35), and an impressive 50% above the 200-day SMA ($162.77). This configuration suggests strong underlying demand and institutional accumulation.

The SOL/USDT pair's position within the Bollinger Bands reveals interesting dynamics. With a %B reading of 0.8160, SOL trades near the upper band at $257.35, indicating strong momentum while approaching potential resistance. However, this positioning often precedes breakouts in trending markets.

Solana Price Levels: Key Support and Resistance

Based on Binance spot market data, SOL faces immediate resistance at $253.51, which aligns closely with the recent 24-hour high. A decisive break above this level could trigger a run toward the 52-week high of $261.97, representing just 7% upside from current levels.

The Solana support levels show robust backing at multiple price points. Immediate support sits at $194.19, though this level appears distant given current momentum. More realistic near-term support likely exists around the 20-day SMA at $222.35, where institutional buyers have shown consistent interest.

SOL resistance becomes more challenging above $253.51, as this level has capped recent rallies. However, the combination of fundamental catalysts and technical momentum suggests this resistance may prove temporary. The pivot point at $246.94 serves as a key level for intraday traders to monitor.

Strong support at $155.83 represents the ultimate downside protection, though reaching this level would require a significant fundamental shift in market sentiment or broader crypto market collapse.

Should You Buy SOL Now? Risk-Reward Analysis

For aggressive traders, the current setup presents an attractive risk-reward opportunity. With SOL price trading near technical resistance but backed by strong fundamentals, a position with a stop-loss below $222.35 (20-day SMA) offers protection while maintaining upside exposure to potential breakouts.

Conservative investors might consider dollar-cost averaging into positions, particularly on any pullbacks toward the $230-235 range. The strong moving average support structure provides multiple entry opportunities for patient buyers.

Swing traders should watch for a confirmed break above $253.51 with volume, which could signal the start of a move toward $261.97. The daily ATR of $10.87 suggests normal volatility conditions, making technical levels more reliable for position sizing.

Risk management remains crucial despite the bullish outlook. The Solana support levels at $222.35 and $194.19 provide logical stop-loss placement for different risk tolerances. Based on Binance spot market data, the current risk-reward ratio favors buyers, but proper position sizing is essential.

Conclusion

Solana's dominance in DEX volume and token launches has created a powerful fundamental backdrop supporting the current SOL price momentum. With technical indicators confirming bullish sentiment and key resistance at $253.51 within reach, the next 24-48 hours could determine whether SOL breaks toward new highs or consolidates recent gains. Traders should monitor volume closely around the $253.51 resistance level, as a breakthrough could accelerate the move toward the 52-week high near $262.

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