The price of Solana $SOL is up 29% in the last month, riding the wave of a broader altcoin rally following Bitcoin’s landmark move past $100,000.
Although SOL has since faced resistance near the $180 mark, both derivatives market activity and onchain data indicare the potential for continued upward movement.
Despite being the fifth-largest crypto asset by market cap, Solana is emerging as a powerhouse in decentralized finance. Its total value locked (TVL) now stands at $9.136 billion , according to DeFiLlama figures.
Unlike some blockchain networks with minimal fee structures, Solana’s rising transaction costs are translating into higher revenue, which bolsters SOL’s appeal. According to DefiLlama, Solana generated $43.3 million in base fees over 30 days, outpacing Ethereum’s $24.9 million but trailing Tron’s $51.9 million. This uptick in DApp revenue and chain usage is pushing SOL toward three-month highs in network earnings.
With roughly 65% of SOL locked in staking contracts, the token benefits from a constrained circulating supply — a bullish factor for price appreciation. The current perpetual futures funding rate sits at 8%, indicating moderate bullish sentiment among leveraged traders without suggesting over-exuberance.
Though Solana remains more than 40% below its all-time price high of $295 (set in January 2022), momentum continues to build. Analysts believe a rally toward $200 is within reach, especially with growing institutional interest. This is supported by a bullish falling wedge pattern formed by the green support and red resistance lines on the chart below, often a precursor to an explosive rally.
Speculative catalysts include potential approval of a spot Solana ETF in the U.S., state-level crypto reserve adoption, and increasing use cases in asset tokenization. While no single trigger has emerged yet, the broader fundamentals indicate Solana may be primed for another leg upward.