Solana price (SOL) has increased by 12% over the last 7 days, with a daily volume of $7 billion, a 49% surge that suggests renewed investor interest. The SOL coin has also gained 114% in the past six months, although it remains roughly 20% below its all-time high, even as Bitcoin has set a new one this weekend.
The short-term picture shows consolidation around the $225–$235 range. But analysts are closely watching institutional trends that could trigger Solana’s next leg higher.
Institutional Adoption and “New Wall Street” Narrative
Bitwise CIO Matt Hougan recently dubbed Solana the “new Wall Street,” citing its speed, scalability, and growing role in real-world asset (RWA) tokenization.
Speaking with Solana Labs’ Akshay Rajan, Hougan said that financial institutions are increasingly building on Solana to tokenize traditional instruments, such as stablecoins, treasuries, and equities.
Solana’s Q3 revenue of $222 million reinforces its position as a top-earning blockchain, trailing only Ethereum and Tron in on-chain fees.
The SEC’s streamlined process for approving spot crypto ETFs has also sparked fresh speculation about a potential Solana ETF. Multiple issuers have amended filings or expressed intent to launch Solana-based products, viewing it as a logical next step after Bitcoin and Ethereum ETFs.
Such approval would act as a new capital onramp, bringing institutional liquidity directly into the SOL ecosystem, potentially fueling a rerating of the coin’s valuation.
SOL On-Chain Activity Remains Positive
Data from DeFiLlama shows that Solana’s total stablecoin market cap reached $15.08 billion, a 9.5% increase over the past week, with USDC maintaining a 71% market share. That jump of over $1.3 billion in seven days signals sustained capital inflow.
Furthermore, token Terminal data reveals Solana logged 1.8 million daily active users, ranking 4th among L1 blockchains, behind BNB Chain, Near Protocol, and Tron.
In the past 30 days, Solana generated $5 million in revenue, holding a 2% share of the total L1 market and ranking 3rd in fee-based income. Despite a dip in user activity from 2024 highs, the figures suggest a strong, growing base, particularly in DeFi, gaming, and memecoin trading.
Solana Price Prediction: $253 Breakout Could Send SOL to $424
Solana price is currently changing hands for $228, above short-term support at $220. The key resistance level is between $250 and $260, and a breakout here could lead to $300 soon.
Crypto trader Ted noted that while BTC and ETH have risen since April, SOL remains 20% below its all-time high. However, he expects Solana to outperform both Bitcoin and Ethereum once the broader market rotation begins.
“I think Solana will outperform both Bitcoin and Ethereum later in this cycle once they top out,” he said.
In a separate analysis, he highlighted that the entity that bought $1.5B in SOL has offloaded about 50% of its holdings in recent weeks. According to him, a reversal in that selling trend could mark the next bullish trigger.
More interestingly, Laxman, a cryptocurrency analyst with almost 20k followers on X, identified $253 as the weekly resistance and critical breakout level for Solana price. Once SOL holds above this zone, his Q4 price targets are $352 and $424, which is the extended rally target.
He emphasizes that “the real action will be in the ecosystem, with new performers entering the casino,” referencing the wave of new tokens, DeFi protocols, and memecoin rotations on Solana.
Technically, Solana (SOL) has been forming a higher-low structure since late September, suggesting a potential bullish continuation.
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