Solana price (SOL) has risen above $200 today for the first time since February 2025. This increase is driven by strong interest from big investors, solid technical performance, and a shift towards altcoins.
The rally still looks strong, and analysts are now focusing on the $250 level as the next key target for the third quarter.
SOL Leads in Key Metrics
At press time, SOL is trading around $200.7, up nearly 5% in the past 24 hours, with a market cap of $108 billion, according to CoinMarketCap.
The breakout comes as DeFi Development Corp raised $19.2 million on July 21 to acquire 141,383 SOL, expanding its treasury holdings to 999,999 SOL worth $181 million.
Earlier this month, Upexi Inc. also made headlines with a $273M SOL purchase, signaling a wave of corporate accumulation that is reducing the circulating supply.
Broader market dynamics are also supporting this rally. Bitcoin dominance fell 5.8% over the week, triggering a rotation into altcoins like Solana.
In the past 24 hours alone, the SOL/BTC pair gained 3.7%, while SOL perpetual futures saw $16.7 million worth of short liquidations, according to Coinalyze.
READ MORE: JP Morgan Eyes Crypto-Backed Loans Using Client’s BTC & ETH Holdings
On-chain data reveals a mixed picture. Solana remains the most active blockchain by addresses, with 69.9 million monthly active addresses, far ahead of NEAR Protocol and BNB Chain (both at 46 million).
However, the number of monthly active addresses has declined slightly over the past 30 days, dropping from above 100 million in June.
Fees and revenue are also increasing. In the past 30 days, Solana made $37.1 million in fees and $4.1 million in revenue, placing it third after Tron and Ethereum. This means that, although the number of active users has decreased slightly, the network remains highly profitable and in high demand.
Solana Price Prediction: Can $SOL Hit $250 in Q3?
Solana confirmed a bullish double-bottom reversal pattern around the $140-$145 zone in mid-July, as highlighted by crypto analyst Ted (@TedPillows). This pattern, combined with a strong fundamental backdrop, triggered a breakout above the critical $180 Fibonacci retracement level (38.2% of the 2025 swing high/low) on July 18.
Following the breakout, the $191 pivot, previously a key resistance, has flipped into solid support, reinforcing the rally.
From a technical analysis (TA) perspective, Ted projects $210-$220 by Q3 is almost certain, with $250+ achievable if momentum continues.
The positive technical signals match the overall market trends. The RSI (14) is at 79.69, which shows strong momentum but not an extreme level of overbought conditions. The MACD histogram is rising to +3.25, which indicates that bullish activity is continuing.
However, traders should be cautious about possible pullbacks. If the RSI gets too high or if Bitcoin’s dominance increases, money could shift away from altcoins like SOL.
READ MORE: Polkadot Price Prediction: Here’s Why DOT Crypto is About to Rally
