Solana price is showing renewed strength after a powerful July rally. It briefly crossed the $200 mark for the first time since February. Despite a slight cooldown to $197, SOL remains up 48% this month, pointing to strong market sentiment.
The recent move above the $180–$185 resistance zone signals a potential trend reversal and suggests bullish continuation could be on the horizon. Traders and analysts are now closely watching the $192–$195 support area. A successful hold above this level could pave the way for further gains.
What Triggered the Solana Price Rally?
A significant trigger of the Solana crypto rally is a $198 million purchase by DeFi Dev Corp that has staked the total acquisition. Such massive staking enhances the sustainability and alleviates sell pressure.
Also, the Jito upgrade that Solana will receive will make the network more powerful. It would drive efficiency and lead to better transaction throughput.
Bullish momentum is envisaged on on-chain metrics too. Meanwhile, the trading volume has increased by 87% in 24 hours, which substantiates the breakout above major levels.
Why Solana Price May Hit ATH Soon?
SOL may revisit its all-time high of $294 achieved in January 2025, with analysts showing more optimism in this direction. Since the current price is just 32% below that mark, momentum in the bullish direction can see it go further, provided that the bullish activity continues.
The other significant aspect is a buzz surrounding a possible Solana ETF. There are huge speculations on whether ETFs can be approved in 2025, with 99% probability, according to PolymarketCap.
The proposed ETF is unique in its staking capability to attract passive investors and redistribute the amount of supply in circulation.
The general crypto market, meanwhile, is rallying. Bitcoin has been trading above $118,000, and Ethereum has passed $3,600, supporting the broad market mood. BNB recently set a new all-time high, and this momentum is spilling over into assets like Solana.
Memecoin action is also a factor behind SOL’s increase. WIF and PENGU tokens have become popular within the Solana network. That helps in strengthening the ecosystem with new forces.
With the addition of whale sales and the technical penetration, SOL can easily surpass its former high in the near future.
Analyst Eyes Breakout Rally
Crypto analyst Captain Faibik has been very optimistic about the price of Solana, underlining the bullish momentum on the latest charts.
As one of the recent updates posted through x post, the analyst pointed out that SOL exhibits sustained positive movement, which indicates a possible break and run to a new all-time high.
The technical chart presented in his post demonstrates that Solana is trading in an ascending channel and will likely reach a target range of $300.
According to analysts, if the price action continues as is, the breakout may gain significant traction. This has generated further interest among traders who are eyeing a significant rally.
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What’s Next for Solana Price?
The SOL is trading at $197.11 after experiencing a 2% drop in the last session, marking a notable retracement from recent highs.
The MACD momentum has been bullish and has shown narrowing. The MACD line was above the signal line; the histogram printed shorter bars in green colour, which indicated that the strength of buying power was going down.
Key support sat near $180, which previously acted as resistance and now could cushion further declines. A decisive break below this level could invite more selling pressure and push the price towards the $160 range.
On the positive side, in case the Solana price picks up pace and holds above 200, the nearest level should be at 220, followed by a new ATH. Further extension of the bullish run past that may push it into the $250 resistance area.
