• Solana’s $100 billion monthly DEX volume and $11 billion transactions YTD highlight growing adoption.
• Bullish liquidations and steady development reinforce confidence for sustained upward price movement.

Solana [SOL ($128.92)] has broken records, surpassing $100 billion in monthly DEX volume for November 2024 while maintaining an industry-leading 11 billion transactions YTD. These milestones highlight its rapid adoption and technological strength. 

At press time, Solana was trading at $240.77, reflecting a 2.58% dip in the last 24 hours, after hitting a yearly high of $267 earlier this month. Consequently, traders are wondering if this momentum can trigger a sustained price rally or if further corrections are on the horizon.

Price analysis: Can SOL maintain its support levels?

Despite the recent pullback, SOL’s price action shows strength following its significant rally earlier this month. The Bollinger Bands (BB) indicate that the price is retracing from overbought conditions.

The upper BB sits at $267.68, while the middle band provides critical support at $225.11. Additionally, the RSI is at 71.67, signaling a cooling-off phase as Solana consolidates near overbought territory.

However, if SOL fails to hold above $225, it risks a deeper...