Solana price (SOL) has reclaimed the $190 zone after initially falling below $180 a few days ago. It has posted a 5.94% weekly gain while maintaining strong on-chain activity.
The coin is hovering between $186 and $190, with analysts calling $200 the key level to watch. If it breaks above that, the Solana price could climb toward $224 or even higher, potentially setting new records.
Over the past month, SOL surged from $125 to $205, driven by rising trading volumes, a wave of new meme coin launches on Solana, and growing interest from big investors.
Why is Solana Price Up Today?
Several catalysts have fueled Solana’s latest move. Letsbonk dominated Solana’s meme token market, capturing 81% market share within 24 hours, launching 163 new tokens compared to Pump.fun’s 21.
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This wave of speculative activity drove SOL trading volume to above $4.32B (+8.8% in 24 hours) and triggered a 126% surge in NFT buyers, mirroring Ethereum’s explosive DeFi summer of 2020.
On the institutional front, Upexi Inc., a leading Solana treasury company, purchased 1.6 million SOL ($273 million) in July, while SOL Strategies expanded its $500 million convertible note facility to $2 billion to fund ecosystem investments.
From a macro perspective, Solana continues to lead the cryptocurrency industry as the most active blockchain, boasting 70.5 million monthly active addresses, surpassing both BNB Chain and Ethereum.
Additionally, the total value locked (TVL) in DeFi on Solana rose by 8.62% in the last 24 hours, reaching $12.09 billion. Meanwhile, Solana’s decentralized exchange (DEX) volume reached $1.79 billion.
Solana Price Prediction: Analysts Target $224 for SOL
Solana’s technical setup shows a cautiously bullish short-term outlook. Analysts highlight a demand zone between $168 and $170, where any pullbacks could attract buyers. Holding $183 as local support is key for momentum, while the $190–$200 range remains a major resistance.
Analyst Ali notes that once SOL convincingly breaks above $200, there’s little resistance toward new highs. The RSI on the 4H chart is also climbing, showing renewed buying strength, while Bollinger Bands signal overhead resistance near $203.
Tom Tucker adds that the breakout above $156 confirmed a bullish structure, suggesting a potential path to $224 if $183 holds.
If the Solana price holds above $183, it’s likely to retest $200 soon. A breakout with strong volume could push it toward $224–$250. However, if it slips below $190, a dip to $170–$175 is possible, still a normal pullback within the bigger uptrend.
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