Solana News Today: Solana's DEX Surge and Staking Provide Price Insulation Amid Technical Uncertainty

Solana's active addresses have retreated to a 12-month low, according to recent data, as the network navigates a pivotal period marked by surging decentralized exchange (DEX) volumes and institutional adoption. Despite a 5% price rally in early November, pushing the SOL token above $165, technical indicators suggest growing uncertainty ahead of key resistance levels, as reported by Yahoo Finance. Meanwhile, on-chain metrics reveal a nuanced picture of capital flows, with traders favoring passive yield strategies within Solana's DeFi ecosystem over cashing out during volatile market conditions, as noted by Yahoo Finance.

The network's DEX activity has emerged as a standout metric. On November 9, Solana's decentralized exchanges recorded $5.11 billion in daily trading volumes, outpacing Ethereum's $3.8 billion and BNB Chain's $2.95 billion, as reported by Yahoo Finance. This surge reflects a broader trend of capital rotation into Solana-native protocols, where users seek to hedge against market downturns through staking and liquidity provision, as Yahoo Finance reports. Such behavior has temporarily reduced exchange-based SOL supply, with total staked tokens rising by 2.9 million between November 5 and 9, as Yahoo Finance reports. Analysts argue this dynamic could provide short-term price insulation, though sustained momentum will depend on institutional inflows and macroeconomic catalysts, as Yahoo Finance reports.

Institutional interest in Solana has further intensified, driven by ETF-related inflows and growing confidence in its scalability. Bitwise's BSOL and Grayscale's GSOL ETFs collectively hold $439 million in SOL, representing 0.4% of the token's circulating supply, as noted by The Coin Rise. This institutional backing coincides with robust network performance: Solana processes 55–60 million daily transactions while engaging 2–3 million active addresses, as noted by The Coin Rise. Despite these fundamentals, technical analyses caution against over-optimism. The Breakout Probability (Expo) indicator currently assigns a 62% likelihood of a pullback toward the $150 support level, versus a 29% chance of a bullish breakout above $180, as Yahoo Finance reports.

The juxtaposition of strong on-chain activity and mixed technical signals underscores Solana's complex positioning in the current market cycle. While DEX volumes and staking growth highlight the network's utility and resilience, traders remain wary of approaching key resistance levels. Institutional participants, however, appear unfazed, with open interest in SOL futures contracts exceeding $9.37 billion and daily futures volume surpassing $11 billion, as reported by The Coin Rise. These figures suggest that long-term confidence in Solana's infrastructure and ecosystem is holding firm, even as retail traders grapple with near-term volatility.