Solana price has reclaimed the $200 level, sparking bullish momentum that could set the stage for a much larger move. Over the past 24 hours, SOL price has climbed more than 10%, with trading volume soaring 127% to $13.54 billion.
The rally puts SOL among the top gainers in the large-cap altcoin space, and according to a popular market analyst, the breakout may just be getting started.
Fundamentals Confirm Strength Behind the Price Move
There is a wave of optimism surrounding a potential U.S. Solana ETF. The SEC recently requested amendments to Solana ETF filings by late July, with Bloomberg analysts placing approval odds above 90% by October. This comes shortly after the first U.S. Solana staking ETF launched in July.
If approved, a spot Solana ETF could drive significant institutional inflows, mirroring the price surges seen after Bitcoin and Ethereum ETF approvals.
Moreover, the recent rally isn’t built on hype alone. Solana’s DeFi total value locked (TVL) has grown to $13.35 billion, up +9% in 24 hours, while DEX trading volume has reached $3.46 billion. The network holds $11.17 billion in stablecoins and counts nearly 3 million active addresses.
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Token Terminal data shows a 118.5% increase in token trading volume over the last 30 days, hitting $330.5 billion, alongside $47.7 million in protocol revenue, up over 20.8%.
Solana Price Poised to Surge if $233 Breakout Holds
The Solana price is currently trading well above its 50-day and 200-day moving averages, reinforcing short-term bullish momentum. The RSI also sits at 61.59, leaving room for upside before overbought conditions set in.
Funding rates are still moderate at +0.0093%, suggesting the rally is not overly leveraged. This reduces the risk of a long squeeze and supports the case for sustained accumulation.
Furthermore, popular crypto analyst Javon Marks highlights a confirmed hidden bullish divergence on the daily chart. Marks’ chart analysis highlights $233 as the “line in the sand” for a major continuation move.
If bulls can defend that level post-breakout, the path to $270 and even $300 becomes viable, with $457.97 as the ultimate bullish target, which is just a +93% rally from its current level.
This forecast may happen before the end of 2025. For example, the Solana price has risen about 90% since its lows in April 2025. It might go beyond this optimistic target if an altcoin season happens this year.
At present, immediate support is around $186. If the SOL price closes below this level, it could weaken the positive outlook and shift focus back to the $175 area.
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