Solana Faces $84 Test After DEX Volume Drops Over 20%

Solana's price came under pressure after a failed attempt to break the $89 resistance, sliding 5.4% over the past 24 hours. At the same time, weekly DEX trading volume on Solana fell from $95.6 billion in the week ending February 2 to $74.3 billion in the week ending February 9, a drop of $21.3 billion, or more than 20%.

On the 12-hour chart the RSI made a higher high while price formed a lower high between February 2 and February 15, a hidden bearish divergence that coincided with the rejection at $89. Selling by conviction holders accelerated: the share held three to five years fell from 9.77% on February 8 to 7.28% now (a 2.49-point, roughly 25.5% decline), while three-to-six-month holders dropped from 24.21% on February 3 to 20.78% (about 3.43 points, or 14.2%).

Much of that selling happened between February 3 and February 9, overlapping the DEX volume collapse. Price now tests a key support around $84, where cost-basis data shows more than 6.44 million SOL were accumulated between $83 and $84.

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