Solana (SOL) continues to crash despite it being the top network to generate the highest DApp revenue and DEX volume. As the coin rests on a reliable support level, it may rebound and reverse its direction of motion.
Solana captured the top spot among the networks with the highest DApp revenue and DEX volume. According to DeFiLlama, an on-chain analytical tool, the Solana network recorded more than $5.5 million in revenue generated during the past 24 hours. Hyperliquid, which captured the second place, was far behind with a value of $3 million.
Solana also captured the top spot as the chain with the highest trading volume on its DEX ($3.5 billion), while Ethereum recorded the second-highest volume on its DEX with $1.76 billion. Binance Smart Chain (BSC), which took third place, was not too far away from Ethereum, as it recorded $1.74 billion in trading volume.
Despite the network capturing the top spot on these fronts, the SOL coin has been crashing. When looking at the daily chart, SOL is now trading at $126 after losing more than 1% of its value during the past 24 hours. Although SOL’s loss of value is negligible over the last 24 hours, the coin lost more than 10% of its value during the week, which is concerning.
Solana loses critical support but bulls may charge
As the coin crashed, it lost a prominent support level, the 50-day moving average, which is considered a short-term indicator. Since mid-October of 2025, the coin has tested this level but has been unable to cross above. However, in the first week of this month, the bulls pushed through, breaking above this level.
But the developing geopolitical conditions that are overcasting the markets have taken hold of Solana. With the broader market going bearish, Solana lost its stronghold—the 50-day MA ($136).
But just like all bad things have a bright side, there is a silver lining to Solana. The current support level at $126 is a demand zone that has triggered spikes, where Solana hit $180. With the Relative Strength Index indicator heading towards the oversold region, the bulls may step in to stop it from going into the oversold territory.
Given that the bulls step into the picture and buy Solana at $126, the coin will once again catapult to the $180 level in no time.
