With immediate resistance at $175, a breakout could push Solana’s price to $200 and beyond. The ongoing rally is fueled by ETF speculations. Over the past week, Solana, the Ethereum Layer-1 competitor, has surged by nearly 25%, soaring past $170. Analysts are optimistic about SOL’s price movement, expecting it to continue rising into the weekend.
On-Chain Data and Investor Sentiment
According to on-chain data provider Santiment, Solana’s price has increased by 33% since July 4th. This upward trend is due to the prevailing skepticism among investors towards SOL. Despite the rally, Santiment notes that investor sentiment hasn’t reached the FOMO level yet. Until the current FOMO replaces the FUD, the SOL price rally to $200 can continue.
Technical Analysis and ETF Speculations
The recent SOL gains come after a double-bottom formation. The immediate resistance for the altcoin is at $175. A breakout above this level would set the stage for the next Solana rally to $200 and beyond. This rally has been fueled by ETF speculations and a significant boost in the DeFi total-value-locked (TVL).
DeFi Growth and Network Metrics
According to DeFiLlama, SOL’s total value locked has reached $5.10 billion. Additionally, the total market cap of all stablecoins on the Solana blockchain is currently at $3.268 billion. In the last 24 hours, network fees reached $1.7 million, and revenue crossed $838,973. These metrics highlight the increasing utility and economic activity within the ecosystem.
Potential for Long-Term Gains
Solana’s price sets up a flag and bull pattern for a multi-year charge. If SOL manages a breakout to $200, it could pave the way for a mega rally to $1400, a staggering 600% gain from the current level.
Solana Foundation’s New Grant Program
The Solana Foundation has announced a new grant program for SOL Actions and Blinks Tooling, targeting developers. The grant, now open for proposals, offers up to $400,000 in total funding for innovative developer projects.
