Solana’s price experienced a significant decline of 22%, plummeting below the $200 mark. Despite this sharp drop, Solana remains supported by key support zones near $120-$130 and is currently consolidating near vital Fibonacci retracement levels. Analyst Nick Ducoff highlights the network’s advantage in handling high transaction volumes efficiently due to its low fees and scalability. 24-hour DEX trading volume for Solana surpassed both Ethereum and Binance Smart Chain, placing it at the top of the DEX leaderboard. This surge is attributed to increasing liquidity and activity from both retail and institutional investors seeking efficient and scalable solutions. The rise signifies a shift in market sentiment towards Solana’s capabilities as congestion on Ethereum persists. Trading data suggests long-term investors continue to accumulate positions during periods of volatility, further bolstering Solana’s potential for growth.