Solana downside risk grows amid weak trading volume
Solana's on-chain activity remains elevated, but declining DEX trading volumes indicate that network activity alone is not yet translating into stronger market demand. Without a major catalyst of its own, SOL remains vulnerable to a pullback toward $75 and continues to track Bitcoin's price action.
According to DefiLlama, Solana recorded approximately 2.19 million active addresses and $1.63 billion in DEX trading volume over the past 24 hours. Over the last seven days, decentralized exchange volume has declined 5.3% to $9.89 billion.
While network activity remains healthy, current metrics do not yet confirm the emergence of a new wave of demand.
Weak momentum puts $75 support in focus
As highlighted in the previous analysis, weak trading volumes failed to confirm the strength of the recent recovery. That scenario has now played out, with buyers unable to challenge the key $80 resistance level before bullish momentum began to fade.
In the near term, the probability of a pullback toward the $75 support level continues to increase. If buyers successfully defend this area, SOL could attempt another recovery toward the $78–80 range.
A decisive close below $75 would strengthen selling pressure and open the way toward the 50-day simple moving average (SMA) near $73.50. To restore the bullish scenario, Solana needs a breakout above $80 supported by stronger trading volume.
Solana remains dependent on Bitcoin momentum
Without a strong catalyst of its own, Solana is likely to remain highly dependent on the direction of the broader cryptocurrency market, particularly Bitcoin.
If Bitcoin stabilizes, SOL could hold above $75 and make another attempt to test $80. However, another decline in Bitcoin would likely put greater pressure on Solana due to the token's higher volatility.
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