Solana's Value Surges 28.4% in a Month, Dominates DEX Market with $27.9 Billion Weekly Volume

Solana (SOL) has experienced a significant surge in value over the past month, with a 28.4% increase. However, its momentum has slowed, with only a 0.78% gain in the last seven days after briefly touching $184. Despite this, Solana continues to dominate the decentralized exchange (DEX) market, leading all chains with $27.9 billion in weekly volume. This dominance is part of a broader trend, with volumes consistently staying above the $20 billion mark over the past month.

The broader Solana ecosystem remains active, with multiple Solana-based apps among the top fee generators. This includes familiar platforms and newcomers, showing a healthy diversity in the ecosystem. For instance, Believe App, a newly launched Solana-based launchpad, generated $3.68 million in fees in the last 24 hours alone, surpassing well-established platforms like PancakeSwap, Uniswap, and Tron.

However, technical indicators such as the Relative Strength Index (RSI), Ichimoku Cloud, and Exponential Moving Average (EMA) lines suggest that the rally may be losing steam. The RSI has dropped to 51.99, down from 66.5 just three days ago, signaling a clear loss of bullish momentum. This shift suggests that traders are more cautious, and recent gains may be cooling off. The RSI is a momentum indicator that ranges from 0 to 100, with values above 70 indicating overbought conditions and below 30 signaling oversold territory. At 51.99, Solana sits in the neutral zone, which typically suggests a period of consolidation or indecision.

Solana’s Ichimoku Cloud chart shows a period of consolidation following a strong uptrend, with key signals now suggesting indecision. The price is hovering near the Kijun-sen (red line) and Tenkan-sen (blue line), both of which have started to flatten—indicating a slowdown in momentum. The Chikou Span (green lagging line) remains above the candles, suggesting that the broader trend still has a bullish bias. However, the lack of distance between it and the current price action reflects weakening strength. The Kumo Cloud (green and red shaded area) ahead is still bullish, with the leading span lines spread apart, providing support beneath the current price. However, with candles now closely interacting with the Kijun-sen and failing to strongly break above the Tenkan-sen, the short-term sentiment appears cautious.

Solana’s EMA lines remain bullish, with the short-term moving averages positioned above the longer-term ones. However, the gap between these lines is narrowing, suggesting that upward momentum is weakening. Solana price recently failed to break past a key resistance level, and although a retest could open the path toward reclaiming the $200 zone, the lack of strong follow-through raises questions about the trend’s strength. Complementing this cautious outlook, the Ichimoku Cloud and RSI indicators point to a potential cooldown. Solana recently held above an important support level but remains vulnerable—if that support breaks, further downside could follow. The broader structure still leans bullish, but the market appears to be at a crossroads. The next move likely depends on whether buyers can reclaim initiative or sellers push through key lower levels.