Solana’s recent data shows record-breaking activity across its ecosystem. As participants eye critical technical levels, Solana’s mix of strong fundamentals and key price defenses sets the stage for a potentially pivotal move ahead.

Solana On-Chain Metrics Hit Record Highs

Solana’s latest data showcases exceptional growth on the fundamentals front. According to Messari and DeFiLlama, Solana’s perpetual DEX volume surged 93% quarter-over-quarter to $1.6 billion, setting a new all-time high. Platforms like Jupiter ($726M), Drift ($466M), and Pacifica ($404M) dominated ativity, underlining how decentralized derivatives trading is thriving on Solana.

Solana’s on-chain activity reaches new records as perpetual DEX volumes surge 93% QoQ, signaling expanding DeFi dominance. Source: Solana via X

Such expansion reflects sustained network demand and liquidity depth. This consistent increase in usage and fee generation demonstrates that Solana’s ecosystem continues to evolve beyond speculative cycles, laying the groundwork for more stable price appreciation as network participation scales further.

Technical Outlook: 200-Day SMA Holds as Critical Support

Ali Martinez highlights Solana’s strong defense near the 200-day simple moving average (SMA), a historically significant level for major trend shifts. Price action continues to respect this dynamic support, situated around $185 to $190, which has repeatedly acted as the pivot for prior rebounds.

Solana maintains its bullish structure as price action defends the 200-day SMA near $185–$190, a level often marking major trend reversals. Source: Ali Martinez via X

Structurally, Solana price remains within an ascending parallel channel, with the next resistance levels near $240 and $300. A clean bounce from the current range could trigger another impulsive leg upward, reinforcing the broader bullish trend. Conversely, losing this 200D SMA would weaken mid-term momentum, making this a make-or-break level for Solana’s trajectory.

Solana Support Must Hold to Avoid Deeper Correction

Chart analysis shared by Crypto Million cautions that the market remains vulnerable if the $185 floor gives way. Solana price shows a series of lower highs and narrowing price action, indicating exhaustion in short-term momentum. If this zone fails to attract sufficient bids, the price could slide towards the $170 area, aligning with a 0.618 Fibonacci retracement zone and prior liquidity sweep regions.

Solana trades within a crucial $185–$170 support corridor, where a breakdown could confirm deeper correction or trigger a swift reversal. Source: Crypto Million via X

This SOL structure resembles a potential liquidity grab setup, either a short-term sweep before reversal or a breakdown confirming further weakness. Hence, $185 to $170 forms a critical technical corridor where market participants will decide the next dominant trend.

Solana’s Key Reversal Zone at $170

Solana’s $170 support area remains the key reversal zone to monitor. Price has repeatedly reacted strongly around this level, forming a well-defined accumulation zone. A revisit here could generate a classic double-bottom structure if buyers defend aggressively.

Solana’s $170 zone stands out as a key reversal area, where repeated rebounds hint at strong accumulation and potential double-bottom formation. Source: PikaCrypto via X

The overhead resistance remains between $210 to $220, where multiple rejections have occurred. For bullish continuation, the price must reclaim that resistance with strong volume confirmation. Until then, Solana’s short-term bias remains neutral, but the $170 level serves as the most technically significant demand zone for traders anticipating a rebound.

Final Thoughts

Solana’s impressive on-chain momentum, reflected in surging perpetual DEX volumes and expanding ecosystem strength, provides a solid foundation despite recent technical caution. The combination of rising network activity and sustained liquidity inflows continues to support long-term bullish conviction among traders and institutions alike.

From a technical standpoint, the $185 level remains the most critical zone to watch. Holding above this area would likely confirm structural support for Solana price and a potential rebound towards $240 and $300, while a breakdown could trigger a broader correction towards $170.

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Filed under: Bitcoin - @ November 1, 2025 8:52 pm