Solana Price Poised for $200 Rally as DEX Volume Soars

Highlights:

• Solana price exhibits strong bullish momentum with institutional interest. 
• Solana DEX volume exceeds Ethereum, showcasing network strength. 
• Binance traders overwhelmingly favor long positions in Solana.

Solana (SOL) price is hovering above the $130 support level following a steady recovery. Over the past week, SOL has surged by 20%, reflecting renewed momentum in the altcoin market. The current trading volume stands at $4.54 billion, representing a 36.77% rise in 24 hours.

SOL price is currently showing signs of bullish continuation, supported by institutional interest and strong technical signals. 

Additionally, Solana ETFs recently received approval in Canada, marking a milestone for both institutional and retail access. Meanwhile, the global crypto market cap is steady at $2.67 trillion, with total market volume rising 0.63% to $71.95 billion.

Solana Price Consolidates After Bullish Reversal

Crypto analysts report that Solana shows strong consolidation following its major uptrend across the price charts. The technical chart illustrates SOL maintaining a narrow trading area after rising past a deteriorating downward trend pattern. The tightening price movements indicate developing market stability, which represents a condition for a forthcoming price movement. 

$SOL consolidating nicely after the main bullish reversal, looking absolutely primed pic.twitter.com/vn7iIYlG7K

— Crypto Rand (@crypto_rand) April 17, 2025

Price activity for Solana has become notable due to the network leading decentralized exchange activity for seven days. Solana exceeded all major chains after achieving $15.74 billion during its latest performance. 

Layer 2 ecosystems operate under the Ethereum network, resulting in $24 billion combined DEX volume, while Solana maintains its position as the top-ranked DEX for the week with $15.74 billion. The expansion of Solana signals increasing market interest in its platform.

The Majority of Binance Traders Favor Solana Long Positions

The Binance active trader charts demonstrate that 71.87% of SOL owners maintain buy positions. Most traders participating in SOL transactions are betting on price growth according to this data. Market traders maintain open short positions on bets against price declines at a rate of 28.13% while long position holders make up 71.87% of total traders on Binance. Active traders held long positions against short positions in the ratio of 2.55 at 14:00 UTC on April 16.

Solana’s price trend strengthens in the perception of market participants according to recent data. Bullish sentiment among traders remained high based on the long/short ratio statistics which have presented enduring bullishness from day start to finish.

71.87% of traders on Binance with open #Solana $SOL positions are betting on upward price movement! pic.twitter.com/aPnCb6JvjG

— Ali (@ali_charts) April 17, 2025

Solana Price Eyes $160 Resistance with Bullish Momentum

The latest SOL price stands at $134.50 after gaining 5% over 24-hours. Solana continues to build strength as it approaches the $140 resistance level. Technical indicators on the 4-hour chart confirm strong bullish momentum. The Moving Average Convergence Divergence (MACD) shows a positive crossover. The MACD line is above the signal line and remains in bullish territory. 

This alignment reflects growing buying pressure, while the MACD histogram stays green, showing sustained bullish momentum. The Relative Strength Index (RSI) is at 62, above the neutral 50 level. This indicates moderate bullish strength without entering overbought territory. 

Key support remains at $120. If the price breaks below this level, it could expose the $100 zone. However, current momentum favors the upside. The price has created a sequence of higher highs and higher lows since bouncing from the $120 mark, forming a rising wedge pattern that typically signals continuation.

The $140 mark is now the next major resistance. A clean break above it may pave the way for a move toward the $150 level. If the price clears that, bulls could eye even higher levels depending on broader market conditions.