SOL Battles Selling Pressure as Solana DEX Usage Grows
The post SOL Battles Selling Pressure as Solana DEX Usage Grows appeared on BitcoinEthereumNews.com.
Solana (SOL) has been up nearly 18% over the last 30 days. SOL’s bullish structure remains technically intact, although some key momentum indicators show signs of weakening. At the same time, Solana continues to dominate DEX volume and blockchain revenue rankings, reinforcing its strong position in the broader ecosystem. Here’s a closer look at the latest technical and on-chain developments for Solana. Bullish Structure Intact for Solana, But Key Momentum Signals Weaken Solana’s Ichimoku Cloud chart shows the price testing support near the top of the green cloud. The blue baseline (Kijun-sen) and red conversion line (Tenkan-sen) have flattened and run close to the candles, signaling a loss of short-term momentum. The green leading span (Senkou Span A) remains above the red span (Senkou Span B), but the narrowing distance points to weakening bullish momentum. Institutional momentum appears to be building, as DeFi Development Corp aims to become “Solana’s MicroStrategy” with a $1 billion plan and a Coinbase report highlighting corporate treasuries migrating to Solana. SOL Ichimoku Cloud. Source: TradingView. If SOL stays above the cloud, the bullish structure remains intact, but a drop inside could trigger deeper consolidation. SOL’s BBTrend indicator is also weakening, currently 4.06 down sharply from 10.43 three days ago. SOL BBTrend. Source: TradingView. Despite this, BBTrend has stayed positive for 17 days since April 11, showing that broader momentum remains. The BBTrend measures trend strength through Bollinger Band expansion or contraction; a falling BBTrend often signals slowing momentum or consolidation. If BBTrend keeps falling, SOL could lose more momentum, but a buyer recovery could still lead to a fresh breakout attempt. Solana Continues To Dominate DEX Volume and App Fees Solana continues to dominate DEX volume among different chains, recording $20 billion in trading volume over the last seven days. In just the past 24 hours, Solana’s DEX…
Filed under: News - @ April 28, 2025 10:23 pm