Solana Eyes $200 as Transactions Dwarf Ethereum by 47x

Solana’s network activity just left Ethereum in the dust—handling 47 times more transactions while its price charts a course for $200. Retail traders are piling in, hedge funds are quietly rotating, and the memecoin circus keeps the gas fees flowing. Just another day in crypto’s ’efficiency revolution’—where scaling solutions matter right up until the next shiny object distracts the crowd.

Key drivers? NFT degens migrating for cheaper mint costs, and institutional players testing the waters with real-world asset tokenization. The chain’s speed advantage is undeniable, but let’s see how long it lasts before the next ’Ethereum killer’ narrative gets recycled by overleveraged crypto bros.

Solana price technical analysis

The daily chart shows that Solana bottomed at $94.87 earlier this month as concerns about its meme coin ecosystem rose. It then recovered and moved to a high of $156.55 last week.

SOL remains above the important support level at $121, the lowest level from June, July, August, and September of last year. It has also moved above the 50-day and 25-day Weighted Moving Averages.

It is currently forming a bullish flag pattern, characterized by a tall flagpole followed by consolidation. This pattern often leads to a strong breakout. If that happens, the short-term outlook turns bullish, with an initial target at the psychological level of $200.

Such a move would represent a 32% increase from the current level. A drop below the support at $121 would invalidate the bullish outlook.