Solana reclaims $77 support as DEX activity tops $4 billion in 24 hours

Solana's on-chain activity is accelerating faster than its price, and that gap may determine where SOL trades next.

Solana rose 1.7% to $77.69 on July 15, reclaiming the $77 support level as decentralized exchange volume on the network surpassed $4 billion in 24 hours.

"If buying pressure continues to build, SOL could rally toward $96 or even $121," Ali Martinez, a crypto analyst, said on X, citing the SuperTrend indicator flipping bullish for the first time since October.

The recovery follows a 250 million USDC mint on Solana that injected fresh liquidity into the ecosystem, according to DefiLlama data. Daily trading volume climbed above $2.1 billion, while active addresses reached nearly 7 million. The network's tokenized real-world assets now total roughly $3.3 billion, and the upcoming Alpenglow upgrade — expected to reduce transaction finality to about 150 milliseconds — has added to the constructive outlook.

The $80 level, where the 100-day moving average sits, represents the next major test. A decisive close above that threshold would open the path toward the May swing high near $82, while the more significant $89-to-$92 resistance zone — which has capped advances since March — would come into play. On the downside, losing the $74-to-$75 support band could send SOL back toward $68.57, the lower Bollinger Band.

The move gathered pace after the USDC Treasury minted 250 million USDC on Solana, adding immediate liquidity as traders rotated capital into Solana-based decentralized exchanges following softer US inflation data. Raydium, the network's largest DEX by cumulative fees, processed the bulk of the $4 billion in 24-hour volume, though its 7-day fee trend has declined 21.7%, per DefiLlama.

SBI Holdings, a major Japanese financial services firm, announced a strategic collaboration with the Solana Foundation to develop on-chain financial infrastructure focused on stablecoin integration, real-world asset tokenization, and cross-border payments. The partnership strengthens Solana's institutional narrative and has helped support market confidence, according to traders.

Technical indicators present a mixed picture. The daily Relative Strength Index at 53.11 sits in neutral territory, while the MACD line at 0.9160 trails the signal line at 1.2750, producing a negative histogram of -0.3590 — suggesting near-term momentum has stalled. The Bollinger Bands on the 1-hour chart have compressed to just 1.5% wide between $76.93 and $78.15, a pattern that typically precedes a sharp directional move.

Coinglass liquidation data shows dense short liquidation clusters stacked between $78.50 and $80, with another concentration extending toward $81.50. A push through those levels could trigger forced buying from bearish positions. The largest long liquidation pockets cluster around the $76-to-$76.50 region, making that zone critical for bulls to defend.

This article is for informational purposes only and does not constitute investment advice.