Solana price has been heating up this week, breaking past the $210 mark before stalling at $210.83. That move has traders buzzing about whether a bigger breakout is just around the corner.
At press time, SOL is trading at $208.41, down about 2.8% today, yet still demonstrating strong momentum with a 15.5% gain over the past week and a 45% increase over the last six months. Its market cap sits above $112 billion, making it one of the few large tokens pushing toward new highs while much of the market is still recovering from its recent surge.
SOL/USD 6-month chart | TradingView
The fundamentals back up the hype: Solana pulled in $2.81 billion in daily inflows, with nearly 2.9 million active addresses on-chain. DeFi activity is surging too, $13.68 billion is now locked across Solana protocols, more than 40% higher than at the start of the year.
These indicators suggest that fresh capital and rising usage are breathing new life into Solana, giving both retail traders and institutions reasons to re-enter the market.
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Bulls Target $235 SOL, Bears Warn of Exhaustion
Social media has amplified the bullish buzz. Analyst Sr Peters called Solana’s attempt to “breakout the heavens’ door,” projecting $235 next, and then new all-time highs (ATHs).
Popular chartist Ali spotted a breakout from a multi-month ascending triangle, suggesting a near-term target of $300. Another widely shared post by Crypto Rover highlighted a golden cross in SOL/BTC, the last of which preceded a 300% rally.
But not everyone is convinced. Commentator 0xSenseiSOL urged caution, warning that Solana’s inflation-adjusted market cap is already 40% higher than in 2021’s cycle peak. To reach $400–$500, he argued, SOL would need an additional 90–135% expansion in market cap, a heavy lift under current liquidity conditions.
Countering that view, REKT Belly argued the analysis is incomplete:
“Evaluating one asset’s market cap in isolation is a micro view. The primary price driver won’t be supply schedule, but the potential for the entire crypto market to double or triple.”
He pointed out that trillions of new liquidity tend to concentrate in market leaders, and Solana is well-positioned to absorb that influx.
Solana Price Bullish but Divergence Warning
Solana price remains in breakout mode, but short-term caution signs have appeared. The price faced rejection at $210.83, the weekly pivot, while the 14-day RSI shows bearish divergence (62.27 vs. lower price highs). Momentum is slowing down, although the overall chart pattern remains intact.
On the upside, key levels to watch are $235, which serves as near-term resistance, and $300, the primary breakout target. After that, wave analysts see possible Fibonacci extensions at $368 and $490, but these need strong volume support to become valid. On the downside, support levels are at $191 (61.8% retracement) and $167 (100-day SMA).
