Solana is nearing breaking out once again, having touched $167. Price rise is consistent with renewed hype over Solana’s memecoins, most of which are green on the weekly chart, suggesting broader investor sentiment is coming back to the network’s burgeoning ecosystem.
At the time of writing, Solana is at $162.38, according to CoinMarketCap. The total crypto market has surged past a $3.6 trillion valuation. Solana network transactions, in the meantime, increased 32% during the week to 590 million, according to the latest on-chain data taken from analytics platform Nansen.
The Nansen reports see Solana’s active addresses rise 5.3% to 24.4 million, with fees on the network shooting 44% higher to $7.68 million. Since the month before, the blockchain has seen more than 2.1 billion transactions, cementing its status as the high-throughput, in-demand network it has become.
Solana breaks key $160 resistance zone
SOL is $157.98, logging an 18% increase in intraday trading volume to $4.82 billion, which is a good sign that both retail and institutional buyers are returning. This spike in trading volume is an indication that optimism is growing that Solana’s current gain is more than fleeting exuberance.
Technically, Solana has broken out of an area of consolidation below $160 and reclaimed the $165 support level. It is now making higher lows and higher highs, an indication of an accelerated bullish trend that is being led by volume and not speculative hype or low-volume breaksouts.
Market analysts now eye $164 as Solana’s next target. Some bullish predictions even suggest a $300 price by August. The bolder predictions envision the $500 level by year’s end, if trends hold and Solana’s ecosystem continues to rise at its rapid clip.
Meanwhile, Solana-based ETFs are quietly gaining popularity. Solana ETFs listed in the US have seen $78 million in the past month alone. They are spearheaded by the REX-Osprey SOL and Staking ETF (SSK) with over $41 million in assets since its July 2 launch, and that institutional appetite is growing.
Other Solana ETFs also performed well, Volatility Shares’ levered SOLT brought in $69 million during the year, and the non-levered SOLZ ETF contributed $23 million. Seeing the future SEC approvals, the expectation of Solana-based financial products is building momentum among the managers of the funds.
