Solana Price Holds Below $200 as DEX Activity Slows During Market Downturn

has remained relatively stable, slightly below $200, later than bouncing back from a low of $173 following the market crisis on October 10. SOL was up 8% in the last 24 hours, but it’s still down 14% for the week and 19% for the month. That’s a significant from its January highs.

Spot volume is at $12 billion, and derivatives volume is up to $32.4 billion in the previous 24 hours, which suggests that traders are sluggishly reopening their positions later than the recent trade-off.​

TVL and DEX Volume Keep Going Down

Solana’s on-chain data shows that dealers and DeFi customers are being careful. The amount of trading on has been steadily going down since the crash, dropping from $8.37 billion on October 10 to $5.84 billion on October 12. 

The dropped to roughly $10 billion before rising to over $11 billion, indicating that people remain uncertain about the market’s direction. Solana’s stablecoin market worth rose by 8% to $16.2 billion over the week, which is interesting because it suggests that investors are waiting for better entry indications.​

ETF Approval and Major Network Upgrades

Two major factors could change Solana’s short-term prospects. First, the U.S. Securities and platform Commission will vote between October 28 and November 15 on whether to approve a spot SOL ETF. The odds are 90% that it will be approved. Any positive ruling could attract substantial institutional capital, similar to what happened with other major cryptocurrencies later than ETFs were introduced.

Second, the upcoming , which aims to speed up transaction finality, and the public test of the Firedancer Block confirmer client are also examples of network upgrades that promise to make Solana’s network more reliable and efficient. This could bring in fresh DeFi liquidity.​

Levels of Price and Technical Analysis

The is at 43, which means that Solana is still consolidating below the $200 resistance level. The price is currently capped by short-term moving averages between $210 and $220, while longer-term moving averages between $186 and $198 could provide support. 

If SOL can stay above $185–$190 and break through the mid-$200 resistance, it might begin to rise again. If not, it could test support around $170–$180 again, which could lead to more consolidation in the near future.