Solana has continued to express its resilience in the crypto sector as the ecosystem recorded outperformed all chains in DEX volume yet again. According to a recent post by SolanaFloor, “Solana has [continued] to surpass all chains in monthly DEX volume for the 5th straight month.”
By doing so, this depicts that Solana still holds huge potential despite the turbulence experienced in the ecosystem towards the end of February 2025. With the memecoin frenzy seeming to be fading away, Solana has struggled recently with prices reaching $127.72 on the last day of Feb. However, Donald Trump’s naming of SOL to be included in the US Crypto Reserve the coin has sparked a pump for Solana.
Solana’s Impressive Five-Month DEX Volume Topping Streak
According to data on DefiLlama, the Solana blockchain has continued its streak as it tops the DEX volume across all blockchains. The data shows that in the month of February, Solana-based DEXs recorded $105.857 Billion in volume. This is the most of all chains including Binance Smart Chain (BSC), Ethereum, Base, Arbitrum, Sui, Thorchain, Avalanche, Hyperliquid L1, and Polygon, among others.
Coming second in the month of February was BSC chain with $84.256 Billion, then Ethereum with $82.018 Billion. Base recorded $31.735 billion, Arbitrum recorded $22.217 billion while Sui had $7.217 billion. Additionally, Thorchain, Avalanche, Hyperliquid, Polygon and others recorded $5.717B, $5.231B, $5.14B, $3.795B and $24.795B, respectively.
As per a post by crypto analyst Curb, “Solana is for the TRANSACTIONS.” The statement by Curb follows SOL hitting the most transactions across all chains for the 18th month. Data also shows that “Solana is doing 90% of total on-chain transactions.”
Solana is for the TRANSACTIONS.
For the 18th straight month, SOL had MOST TRANSACTIONS across ALL Chains.
Solana is doing 90% of total on-chain transactions.
There is No Second Best. #SOLANA
pic.twitter.com/b5mY1SVFzv
— curb (@CryptoCurb) March 3, 2025
SOL Current Price Performance
The data on Coinmarketcap shows that Solana is trading at $165.40 as of the time of this writing. With the price at the current level, Solana has surged by 16.99% on the day. This surge is attributed to the recent news that SOL will be part of the US crypto reserve.
Additionally, trading activity around SOL in the last 24 hours has increased immensely. Solana has a trading volume of $14.25 Billion indicating a 502.54% surge in the same period. The surge in trading volume with price pumping shows that there is strong buying interest from Solana market participants, which could propel the price of SOL further.
What Does Solana Solana’s Technical Indicators Depict?
The hourly chart on TradingView shows that Solana’s technical indicators are painting a mixed outlook. The RSI which is at 56.93, for instance, depicts a neutral momentum for SOL.
The MACD indicator, on the other hand, displays a bearish momentum with the MACD (blue) line below the signal (orange) line. The histogram further supports the bearish momentum since the histogram is negative. However, the MACD depicts that a bullish crossover could happen soon.
Solana’s price has support around the $140.78 price while resistance exists at $178.91. A decline towards the support at $140 could occur if SOL is unable to surpass its current resistance level at $178. In case SOL manages to breach the resistance, the price could soar above $200.
Crypto analyst Ali Martinez has predicted that SOL is “setting its sights on a potential move to $213!” The prediction by Martinez is based on the recent SOL price performance with the coin showing signs of “breaking out of a descending parallel channel.”
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