Solana Falls for Third Straight Day as DEX Trading Volume Plunges, Battle to Defend $80
Solana Falls for Third Straight Day as DEX Trading Volume Plunges, Battle to Defend $80
Solana (SOL) has fallen below the psychological support level of $100 and is now facing a critical inflection point that will determine its future direction, as a sharp decline in decentralized exchange trading volume coincides with deteriorating technical indicators.
According to cryptocurrency statistics platform CoinMarketCap on February 11 (local time), Solana is currently trading at around $82, down approximately 4% over the past 24 hours. The token has posted declines for three consecutive days, reflecting rapidly cooling short-term investor sentiment, while its market capitalization has also decreased, failing to withstand downward pressure. Since breaking below $100, buying interest has largely disappeared, significantly weakening price recovery momentum and heightening market concerns.
Technical analysis shows that Solana’s Relative Strength Index (RSI) has entered oversold territory at 34.22, but the Moving Average Convergence Divergence (MACD) remains in negative territory, indicating that no clear signs of a trend reversal have emerged. Prices trading below the 7-day and 30-day simple moving averages further add to downward pressure. If Solana fails to surpass the primary resistance level at $85.37, it is likely to test the $80 support level. Based on Fibonacci retracement levels, a breakdown below this range could extend losses toward the $75 level.
A sharp decline in decentralized exchange trading volume, a key ecosystem indicator, has intensified concerns surrounding the recent downturn. Daily average trading volume, which once reached $3.8 billion in January, has contracted rapidly in recent weeks, effectively tightening liquidity in the market. This suggests not only an outflow of speculative capital but also a decline in overall network activity, creating an environment where even minimal momentum for a price rebound is difficult to secure.
On the positive side, Solana continues to strengthen its long-term infrastructure competitiveness through expanded partnerships with major payment companies such as Visa and the adoption of post-quantum security technology. Discussions surrounding a potential Solana spot ETF targeting institutional investors have also resurfaced, leaving open the possibility of significant capital inflows despite short-term price weakness. Some experts interpret the current correction as a temporary phenomenon resulting from shifts in market dominance between Bitcoin (BTC) and Ethereum (ETH).
Solana is currently undergoing a harsh market test as it attempts to establish a true bottom, with the defense of the $80 support level likely to determine the outcome of the entire first quarter. While technical oversold signals could lead to a short-term rebound, the risk of prolonged sideways movement remains high without a meaningful recovery in liquidity. Investors should view a reclaim of the $92 resistance level as the first signal of a bullish reversal and closely monitor real-time changes in on-chain network data.
Disclaimer: This article is for investment reference only, and no responsibility is assumed for any investment losses incurred based on this content. The information provided should be interpreted solely for informational purposes.
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