Ever since the launch of the memecoins over the Solana network, the traders have become extremely vigilant. As a result, almost every token launched over the platform gained huge attention, which triggered the traffic over the platform. Besides, the launch of the OFFICIAL TRUMP (TRUMP) by the president himself raised the bar for the network. The network’s DEX volume soared and continued to mark new highs. With this, Solana DEX created history by achieving a $200 billion monthly volume, surpassing all the other major chains, including Ethereum.
These milestones undermine the growing dominance of the platform within the DeFi space, which could be pivotal for the Solana network. Besides, the speculations of approval for a spot SOL ETF are also making a huge noise. Therefore, more violent moves are expected as the SOL price is compressing right around the previous all-time highs. The price experiencing significant bearish pressure is looked at as an aftermath of a massive bullish action of over 73%.
However, these are considered normal and necessary, which has helped the price to hold key levels. Hence, it seems that it just could be a matter of time before the next leg up.
The STF price action of SOL suggests a continuation of trade within a consolidated range but in a decisive symmetric triangle. The price has rebounded from the ascending support but is yet to rise above the local resistance close to $250. However, as history suggests, levels around $250 have failed to act as a strong resistance or support; hence, the price could continue to trade in and out of the levels. However, the stochastic RSI is close to triggering a bullish rebound but the RSI continues to head towards the lower threshold.
Therefore, the Solana (SOL) price is expected to withstand bearish pressure for some more time, which may drag the levels close to $240, but a strong rebound could follow. As mentioned in the above chart, the price could break above the triangle before the end of the month by reaching $270. Previously, the token failed to sustain at these levels but if the bulls manage to breach these levels, a rise beyond $300 could be imminent.
