Solana (SOL) Price Soars: 2 Key Factors Driving the Rally

Solana's [SOL] price has been surging, driven by two major factors: skyrocketing decentralized exchange (DEX) volumes and strengthening token burns.

Key Statistics:

1. _SOL price_: $250
2. _DEX volume_: $10 billion (record high)
3. _Token burns_: Over $6 million (record-breaking milestone)

Analysis:

The rally is driven by:

1. *Surging DEX volumes*: Record-breaking activity on Solana-based DEXes, such as Raydium and Phoenix.
2. *Strengthening token burns*: Over 50% of transaction fees are being burned, reducing SOL's supply and creating scarcity.

Projection:

1. _Next resistance_: $275
2. _Support level_: $230
3. _Potential breakout_: Sustained rise in on-chain activity and DEX volumes could drive SOL above $275.

Risks and Challenges:

1. Market volatility
2. Overbought conditions (RSI)
3. Failure to break resistance at $275