Solana Drops 3.14% as Bybit Launches New DEX Byreal

Solana's price is currently at a critical juncture, with the cryptocurrency trading at $143.99 after breaking below the $148 support level. The next key level to watch is $140, which is a significant psychological support zone. This price movement comes as Bybit, one of the largest crypto exchanges, has announced the launch of its first decentralized exchange (DEX), Byreal, on the Solana blockchain. Byreal aims to combine the liquidity of centralized exchanges (CEX) with the transparency and accessibility of decentralized finance (DeFi).

The launch of Byreal could have a significant impact on Solana's short-term future. Bybit CEO Ben Zhou described Byreal as more than just another DEX, highlighting its hybrid system powered by Request for Quotation (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing. This model is designed to reduce slippage, improve trade execution, and offer protection against Miner Extractable Value (MEV). One of Byreal’s core features is a fair launchpad supported by the Fairshare Engine and Smart Price Ladder, which aims to limit early domination by large buyers and promote equal opportunity for all participants in token sales. This feature addresses issues observed on other Solana-based platforms, such as Pump.fun, which has faced criticism for its role in meme coin speculation and high user losses.

Byreal will also support bbSOL, a new liquid staking token built in collaboration with Solana-native protocols. The testnet for Byreal is set for June 30, with the mainnet launch planned for Q3 2025. As Solana maintains its position as the second-largest DEX ecosystem by volume, Byreal could strengthen its on-chain trading environment.

Ask Aime: Could Bybit's new DEX, Byreal, shape Solana's short-term trajectory?

While Byreal prepares to go live, Solana’s price chart shows signs of growing market uncertainty. The current SOL/USD price is $143.99, down 3.14% in the last 24 hours. Technical indicators on the daily chart reveal that SOL has broken below the $148–$150 support zone, and it now trades near the $140 mark, which is a key psychological level. Market data shows that total trading volume, including both spot and derivatives, has dropped to $7.90 billion, a decrease of nearly 28%. However, options trading is increasing, with volume up by 46% and open interest growing by 32%. This indicates that traders expect larger moves and are positioning for increased volatility. Although long/short ratios show a strong bias towards long positions, the price continues to trend lower. More than twice as many positions are long compared to short on major exchanges. This creates risk, as a break below $140 could trigger large-scale liquidations of long positions.

Technical analyst Ali Chart observes that Solana has achieved a definite bearish trend in its daily chart, characterized by lower highs at $176 and $160, and lower lows at around $140. The recent rejection of the resistance at the level of $160 confirmed the seller power, and the 9-day EMA remains to trend down, which would represent a form of dynamic resistance. The decline beneath the main support area of $148 and $150 was further confirmed by a large red body and which marked rising selling pressure. SOL has recently been trading slightly below the psychologically important $140 mark, which provided short-term uptrends earlier. However, constant penetration of such a level has diluted its strength. If $SOL breaks down at the price of $140 as support, this may trigger lower declines down to $128, $124, and even $100, of course, except in the event of no solid bases of demand beyond. A daily close below $140 would confirm this protruding risk according to Ali Chart.