Solana Smashes $200 Barrier—$250 Target in Sight as SOL Roars Back After 5-Month Drought

Solana’s native token just punched through $200 like a bull through a china shop—marking its first breach of the psychological barrier in half a year. Traders are now eyeing $250 as the next moonshot target.

The Comeback Kid

SOL’s resurgence isn’t just a dead-cat bounce. The Ethereum rival has clawed back losses with a vengeance, leaving skeptics scrambling to update their price models (and their LinkedIn bios).

Liquidity Tsunami

On-chain data shows whales accumulating SOL faster than a VC hoards seed rounds. Meanwhile, retail traders are FOMO-ing in—because nothing fuels crypto rallies like the fear of missing the next ‘generational buying opportunity.’

Will Solana sustain this rally? The charts say maybe. The degens say definitely. And the SEC? They’re still trying to figure out if it’s a security or a Pokémon card. One thing’s certain: in crypto, even the ‘impossible’ targets eventually get hit—usually right after your stop-loss gets triggered.

Why Is Solana Rising? Can It Hit $250 Next?

SOL’s latest upswing is likely driven by a general market bullishness. The asset’s latest rally may have also been aided by strong technicals and a surge in network activity.

Bitcoin (BTC) and XRP have both hit new all-time highs over the last week. Other altcoins are also showing healthy breakouts. There is a good chance that SOL will also follow a similar trajectory.

SOL’s performance over the last two and a half years has been astronomical. The asset fell to below $10 after the collapse of FTX in 2022. Since its 2022 lows, SOL has hit multiple all-time highs. Since late 2022, SOL’s price has risen by about 2000%. The asset has proven to be one of the most resilient cryptocurrencies in the market.

Solana’s (SOL) price has to rally by 27.40% to hit the $250 target. Moreover, it has to rally by 49.47% to reclaim its all-time high of $293.31. There is a chance that SOL will hit the $250 mark if it maintains its current upswing.

The market could swing in any direction at this point. Bitcoin (BTC) is showing signs of entering a consolidation phase. The original crypto has dipped to the $117,000 price level, falling 0.9% and 0.2% in the daily and weekly charts, respectively. A correction from BTC could trigger a larger market dip. SOL’s price could take a plunge under such conditions.