Despite trading slightly lower today, Solana price is showing strong signs of a potential rally. On May 13, SOL briefly touched $180 before facing resistance and dipping to $171. Still, impressive on-chain metrics and network growth hint that a run toward $300 could be on the horizon.
Solana’s Bullish Setup Hints at Breakout
Solana is currently trading within an ascending parallel channel. While it has faced multiple rejections at the upper boundary, it continues to hold the midline as support. This suggests a possible breakout above resistance soon.
Adding to the bullish sentiment, a golden cross is forming. The 20-day EMA is trending upward and nearing a crossover with the 200-day EMA. If this crossover happens, it could trigger the next leg of the rally, possibly sending SOL beyond $177, past its previous high of $296, and toward the $300 mark.
The Relative Strength Index (RSI) sits at 69, just below overbought territory. This confirms that buying pressure remains strong and could push Solana price beyond the $200 level in the near term.
Solana Outshines Other Blockchains in Revenue
Beyond technicals, Solana’s network fundamentals are also fueling bullish sentiment. Last week, the blockchain generated over $50 million in decentralized application (dApp) revenue, more than any other Layer 1 or Layer 2 network.
According to DeFiLlama, Solana dominated the space with 51.6% market share, over three times that of Ethereum, which came in at just 14.23%. This strong performance supports investor confidence and validates the growing utility of the network.
In the same period, DappRadar reported a 50% increase in Solana’s dApp volume, reaching $1.61 billion, with weekly transactions hitting $138 million. This spike is partly fueled by a meme coin frenzy pushing related market caps beyond $14 million.
Rising Open Interest Backs Bullish Sentiment
Further supporting the bullish case is a steady increase in open interest (OI). Solana’s OI has now reached $6.92 billion, the highest since January. Rising OI indicates that trader conviction is strong, with many expecting SOL to continue climbing.
As long as the Solana blockchain maintains this pace of adoption and performance, the Solana price outlook remains optimistic. A breakout beyond $180 could pave the way toward the psychological resistance at $200, with bulls ultimately aiming for $300.
Conclusion
With technical indicators, rising trading volumes, and strong fundamentals all pointing up, the Solana price is poised for its next major breakout. If current trends hold, SOL could retest its previous highs and potentially reach $300 in the coming weeks.
