Solana (SOL) has surged above the $200 mark, reigniting bullish momentum across the altcoin market. With strong institutional tailwinds and solid on-chain growth, SOL’s price action has captured investor attention yet again. The latest move stems not from hype alone, but from a combination of strong technical breakout patterns, rising derivatives volumes, and growing confidence in potential ETF approval. With this, the optimism across the markets seems to have risen, while the speculation related to the next SOL price target remains a pivotal surveillance.
ETF Momentum and Derivatives Fueling Solana’s Price Breakout
Solana’s latest price surge is largely driven by increasing speculation around potential ETF approvals in the United States. With asset managers like VanEck, Galaxy Digital, and 21Shares filing for SOL-based funds, confidence among institutional players has grown significantly. This optimism is translating directly into the futures markets, where open interest in SOL contracts has risen sharply—by nearly 35% over the past two weeks. These inflows have created upward pressure on spot prices as well, as traders position for a broader move.
Simultaneously, the Solana network continues to post impressive on-chain metrics. Daily active addresses and transaction throughput remain incremental across all the chains. Tokenisation of real-world assets (RWA) has also gained traction, with over $500 million in RWA now hosted on Solana—putting it ahead of Ethereum in certain categories. This strengthens the bullish narrative and supports continued institutional and retail demand.
What’s Next for the Solana (SOL) Price Rally? Will it Reach $300?
Solana has successfully broken the crucial resistance between $190 and $200 that had capped the price for several weeks. The breakout was accompanied by a massive rise in volume along with a classic momentum indicator signalling a long-term trend reversal towards the north. If the bullish momentum persists, which appears to be more likely, the SOL price is expected to begin a fresh bullish wave.
The daily chart of Solana appears to be extremely bullish as the price breaks above the crucial ascending triangle and tests an important resistance at $202. Although the price is facing some upward pressure, the momentum remains in bullish favor, hinting towards a continued ascending trend. The Gaussian Channel has turned bullish, signifying a change in the trend of the rally, while the RSI enters the overbought zone for the first time since December 2024. As the buying volume is rising, the SOL price is expected to keep up the bullish trend.
Solana’s current rally isn’t just another spike, but it’s backed by real demand, growing adoption and powerful chart signals. The first resistance to be achieved lies between $218 and $222, which may strengthen the ongoing upswing. Meanwhile, with this, the 50/200-day MAs may also approach for a bullish crossover or the golden cross, which could further begin a fresh upswing to $250. The SOL price has not reached $300 since the Q4 2024 breakout and hence achieving these levels will attract more liquidity and eventually push the levels to a new ATH.
