Solana Holds Firm Below $200 as DEX Volume Cools During Market Turbulence
Solana's price action enters consolidation phase while decentralized exchange activity shows signs of cooling off.
Market Resilience Tested
The blockchain network maintains its footing below the $200 psychological barrier as broader crypto markets experience significant downward pressure. Trading volumes across Solana's decentralized exchanges show notable contraction amid the sector-wide selloff.
Technical Foundation Remains
Despite the market-wide carnage that's wiping billions from crypto valuations, Solana's underlying infrastructure continues processing transactions at breakneck speeds. The network's performance metrics suggest the technical backbone remains robust even as speculative fever cools.
DeFi Activity Normalizes
DEX volumes across the ecosystem pull back from recent highs as traders adopt risk-off positions. The cooling activity reflects broader market sentiment while highlighting how quickly crypto natives can flip from greedy to fearful—sometimes in the same trading session.
Solana's consolidation below $200 represents either a healthy breather or concerning stagnation, depending on whether you're the type who sees the glass as half-full or wondering who's paying for the drinks.
Solana DEX volume and TVL slide during market downturn
On-chain data paints a more cautious picture. According to DefiLlama data, Solana’s decentralized exchange volume has steadily declined since the crash, dropping from $8.37 billion on Oct. 10 to $6.43 billion on Oct. 11 and $5.84 billion on Oct. 12. Additionally, total value locked dropped from $12.5 billion to about $10 billion before rising to just over $11 billion.
Despite declining DEX metrics, Solana’s stablecoin market capitalization has increased by 8% in the last week to $16.2 billion. This suggests that capital is sitting on the sidelines, waiting for clearer signals before being deployed.
Upcoming catalysts could shape Solana’s recovery
Several short-term developments may influence Solana’s price. Between Oct. 28 and Nov. 15, the U.S. Securities and Exchange Commission will decide on a possible spot SOL ETF. Polymarket odds indicate that the ETF has a 90% chance of being approved. If the decision is favorable, institutional inflows of billions of dollars could follow, much like what happened to ethereum following the approval of its ETF.
In addition, the Alpenglow upgrade, which is expected later this year, will enable faster on-chain trading by increasing transaction finality to about 150 milliseconds. Meanwhile, Jump Crypto’s Firedancer validator client, set for public testing in late October, aims to improve network reliability and attract fresh decentralized finance liquidity.
Solana price technical analysis
Solana remains in consolidation mode below the $200 resistance. The relative strength index at 43 indicates neutral momentum, while most short-term moving averages, between $210 and $220, act as resistance.
While the 200- and 100-day moving averages sit lower and offer a longer-term support base around $186 and $198, a number of short-term moving averages are above the current price and serve as resistance in the $210–$220 band.
SOL may draw fresh buying toward earlier highs if it can maintain above $185–$190 and break through the mid-200s. If it fails to hold the $170–$180 area, sellers may test the next structural supports and force deeper consolidation in the weeks ahead.
