Key Insights
- The price of $SOL recently surged past $200, with trading volume up over 150%
- Network activity and TVL spiked after new token launches and ETF filings
- Technicals are showing strength, but resistance levels near $210 and $236 might determine what happens next with price.
Solana price has just reclaimed the $200 level, drawing fresh attention from retailers and institutions. The latest surge pushed SOL towards $206, which marked a 13% daily jump.
The asset’s Market cap also rose to $112 billion, while trading volume soared 158% to nearly $12 billion.
Solana Price Surges on YZY Token Frenzy, ETF Momentum, and Staking Strength
This recent breakout leaves the Solana price about 30% below its all-time high of $294. Because of this, many investors are now speculating whether the token could soon test the $300 mark.
One of the biggest drivers of the asset’s performance lately was the launch of Kanye West’s YZY token on August 21. The token exploded 6,800% on its first trading day, before crashing. However, this happened before it generated nearly $400 million in daily volume.
That frenzy lifted Solana’s network activity by 139% and boosted its TVL by 25% towards $15.3 billion. At the same time, institutional demand is also showing up.
Tidal Trust II recently filed paperwork for a 2x leveraged Solana ETF. This shows confidence in $SOL’s performance over the long term. Regulatory approval may take time. However, the filing alone supports the sentiment.
About 70% of the total asset supply is staked. Also, the amount of liquid tokens available for trading is severely limited. This scarcity translates into price action, likely making the ongoing rally more powerful.
Technical Signals for Solana Price
From a technical perspective, analysts agree that the SOL is in a bullish zone. Solana price has broken above its 50-day moving average at $180 and cleared the Fibonacci resistance at $197.
Momentum indicators are in alignment, too. The MACD histogram flipped positive at +0.33, while the relative strength index (RSI) sits at 63.5.
These indicate that buyers still have room to move before SOL enters overbought territory. In sum, immediate resistance sits near $210. If the bulls hold the fort, the next target for the Solana price is $236. Finally, the next strong support lies around $176 and $146.
Institutional Moves Add Fuel
The latest rally is not only about retail speculation, because institutional interest is also building steadily. VanEck recently filed for a JitoSOL ETF, the first product tied to a liquid staking token on Solana.
If approved, the fund would expose investors to SOL and staking rewards. The SEC has provided new guidance on staking products, making it more likely that such ETFs can move forward.
Conversely, Grayscale has expanded its crypto ETF lineup after recently advancing with its Dogecoin ETF filing. While the new filing is not directly involved, it shows that large asset managers are pushing deeper into altcoin products.
Outlook for the Next Few Months
Traders are watching to see if the Solana price can turn its ongoing consolidation into a breakout. A daily close above $210 would invalidate the current bearish patterns. This could open the door for a move to $228 and $236.
If strength continues upwards, analysts expect the asset to continue toward $300 by the end of Q3. That would put the asset within striking distance of its all-time high.
SOL continues to show strong momentum in price performance. Its staking ecosystem remains active and rewarding for long-term holders. Growing interest in a potential Solana ETF adds another layer of optimism for future growth.
On the other hand, short-term traders must be on alert because the asset’s price action is hanging on a ledge. Also, sudden moves are more likely than ever.
Ivan Petrov is a seasoned journalist with deep insights into Russia’s dynamic crypto landscape. His work focuses on market dynamics and the transformative potential of blockchain technology, making him a go-to expert for understanding Russia’s digital financial innovations.
