Solana Eyes $200 Breakout as Network Activity Surges—Traders Ignore ’Ethereum Killer’ Fatigue

Solana’s on-chain metrics just flashed their most bullish signal since February, with daily active addresses spiking 42% week-over-week. The network processed over 32 million transactions in 24 hours—enough to give even Visa’s marketing team pause.

Price follows utility: SOL’s 18% monthly gain now tests critical resistance at $180. A breakout could trigger algorithmic traders to pile in, propelling the token toward its next psychological barrier at $200. Meanwhile, Ethereum maxis are quietly recalculating their ’ghost chain’ narratives.

Cynics note the rally coincides with yet another meme coin frenzy on Solana—because nothing says ’Web3 revolution’ like degens gambling on cartoon animal tokens. But with institutional inflows hitting $86M this month, Wall Street clearly thinks the joke’s on them.

What’s behind this sudden rise? 

A lot of it has to do with the growing activity in Solana’s DeFi space. Over the last two weeks, more money has been flowing into apps built on solana — the total value locked (TVL) has grown from $7.5 billion to $9.6 billion. That means people are using Solana more for things like staking, lending, and trading without middlemen. 

Projects like Marinade, Jito, and Raydium have seen big spikes in activity, with gains of 60%, 44%, and 85%, respectively.

Not just that, but trading volumes on Solana-based decentralized exchanges have also gone up. Weekly volumes moved from $18 billion to $22 billion, showing more people are actively trading on Solana. Even the network’s own revenues and transaction fees have been climbing for four straight weeks, and are now close to their highest levels in three months.

There’s also the stake factor. Around 65% of all SOL tokens are currently staked, which basically means they’re locked up to help keep the network secure and earn passive income. That reduces the number of tokens available in the open market, and when demand rises, this limited supply tends to push prices up faster.

Meanwhile, data from Coinglass shows open interest in Solana, which refers to the number of active contracts in the futures market, has gone up by over 11%. This usually suggests more traders are entering the market, betting on higher prices ahead. 

The funding rate, which is a fee paid to hold long positions, is at 8%. That’s a sign of bullish sentiment, but such high levels often lead to short-term corrections too, so it’s worth being cautious.

Not everything is perfect, though. The total market cap of stablecoins on Solana has dropped by 8% this week, now sitting at around $11.7 billion. That might mean some funds are leaving the ecosystem or just sitting on the sidelines for now.

Technically speaking, Solana is still in a strong uptrend. It’s trading above all major moving averages — whether it’s the 10-day, 20-day, 50-day, or even 200-day averages — and they’re all showing “buy” signals. 

But the relative strength index (RSI) is at 71, which indicates the asset might be overbought. When that happens, it usually leads to a brief pullback or sideways movement.

The Bollinger Bands, which show how volatile a price move is, are also widening. SOL is now NEAR the upper end of that range, suggesting we might see some short-term correction or consolidation soon. There’s strong resistance at $185. 

If SOL breaks above that level with good volume, then $200 could come quickly. But if it gets rejected there, we could see a pullback toward $157, or even $130 — both of which have acted as support zones before.

Overall, SOL still looks solid. It’s currently about 39% below its all-time high of $295, but things are lining up well. DeFi is growing, network use is rising, and big upgrades like Firedancer, which promises faster speeds and better stability, are coming up. 

There’s also some chatter around possible ETF approvals and increasing institutional interest. All of this makes the path to $200 feel more realistic, as long as the broader crypto market stays supportive.

As of now, Solana is trading around $182.95, up 7.53% in the past day, 25.42% in the past week, and 38.18% over the past month. Its market cap is at $95.03 billion, and 24-hour trading volume is $5.23 billion, though that volume is down slightly today.

In short, things are looking good for Solana. The price may face some resistance or short-term cooling off, but the bigger picture is pointing toward more upside, especially if it manages to hold above $180 and break through $185 with strength.

Also Read: Solana Traders Bet Big on SOL price Hitting $200 in June