Key Notes
Solana DEX volumes hit $5.11 billion, surpassing Ethereum and BNB Chain in weekend DeFi rotations.
Over 2.9 million SOL, worth $475 million, has been staked since Friday, reducing the active supply.
Key technical indicators signal resistance near $180 despite strong network activity.
Solana price saw 5% gains on Sunday, November 9, as heavy on-chain rotations among DeFi protocol users lifted the token above the $165 level for the first time in five days. However, key technical indicators now pose early warning signals of a potential short-term reversal as SOL approaches key resistance near the 20-day moving average.
Solana top #1 in DEX Volume (last 24h) pic.twitter.com/TCf62gARzM
— Solana Sensei (@SolanaSensei) November 9, 2025
The Solana price closed above $165 on Sunday, after consolidating below this level since November 5. Its performance aligned with the broader market recovery that saw most top 10-ranked cryptocurrencies post modest gains over the weekend. Bitcoin rose 3% to reclaim $104,000, while Ethereum advanced 6% to trade near $3,900.
Beyond price action, investors demonstrated a preference for Solana in DeFi activity. Citing Defillama data on Sunday, a community contributor, posting as Solanasensie, highlighted on X that Solana’s decentralized exchanges recorded $5.11 billion in daily volumes, surpassing Ethereum’s $3.8 billion and BNB Chain’s $2.95 billion.
Momentum signals reinforce this cautious outlook. The RSI (14) stands at 40.36, marginally above the oversold territories, suggesting that Solana is still in a fragile zone where sellers may regain control. Meanwhile, the MACD (12, 26) remains in bearish territory, printing negative histogram bars with the signal line at -9.24 and MACD line at -10.92, confirming that selling pressure, though reduced, has yet to reverse convincingly.
Profitability metrics also reveal a moderate bias toward consolidation. The win-to-loss ratio of 1,307 to 733, translating to 64.07% profitability, supports a near-term rebound scenario but warns that gains may be limited until increased spot volumes support Solana’s on-chain activity.
If Solana closes decisively above $170 on strong daily volume, the next target lies near $180, coinciding with the Bollinger midpoint. Conversely, failing to hold $160 could trigger a retest of $150, marked by the lower Bollinger band.
