- Solana’s price shows resilience, bouncing off a major support zone despite market slowdown.
- Over $55M in inflows to Solana ETFs, boosting investor confidence and interest.
- DApps on the network generate significant revenue, with Pumpfun and Ore leading the way.
Solana (SOL) has posted a 2.92% price increase, reaching $140.88 in the last 24 hours. This rise follows a brief market recovery, bringing SOL above the $140 mark. The token bounced off a major support zone, fueling hopes that it could signal a larger trend reversal. Despite the overall crypto market slowdown, Solana’s price has remained resilient, showing strength amid market weakness.
Bitcoin is stagnating at 91k, whereas Solana is stronger. The traders are currently looking towards the $200 mark as their possible destination. The recent price tendency shows that Solana might keep the trend, particularly after shaking off the recent lows. The investors are hopeful that the coin will make major resistance levels in the short run.
ETFs based on solana have also experienced tremendous inflows. Over the past two weeks, Solana spot ETFs experienced an aggregate inflow of over $55 million. Another significant party to this trend has been the Bitwise BSOL ETF.
The Bitwise BSOL ETF has recorded one of the highest net inflows over the last two weeks, and these positive capital flows have persisted for 16 days. Interest in other products such as Solana at Grayscale, Fidelity, and Vaneck has also been increasing, further boosting investor trust.
Solana DApps Generate Over $16 Million in Revenue in Just One Week
The decentralized applications (DApps) of Solana are also doing well. Over the last 7 days, Solana DApps have brought in more than $16 million in revenue. The best performers are Pumpfun with revenue of $9.85 million and Ore with revenue of $3.02 million.
Phantom, Drift, and Trojan have also added to the growth of the ecosystem. However, Axiom saw a loss of $652,000. Nevertheless, the general success in the growth of DApp revenue is indicative of the growing influence of SOL in the blockchain ecosystem.
A crypto analyst highlighted a falling wedge formation in the price chart of SOL, indicating a change in the direction of the trend. The price has been rebounding off the lower trend line, indicating a possible breakout.
Also Read: XRP Rally Explodes: ETF Approval Could Propel Price Toward $3
An escape from this trend may indicate a robust recuperation of SOL. This is a positive sign that market watchers perceive, and this gives hope of good performances in the near future.
SOL Price Outlook: Will the Recovery Continue?
The altcoin has the potential to increase by 40% to $200. The possible rally will be based on long-term positive news, inflows into ETFs, and increasing popularity of Solana DApps. The price movement of the forthcoming weeks will be under close observation by the investors to understand whether SOL can sustain its pace.
In case the price breaks the existing levels, analysts predict that SOL will experience a high recovery phase. The price might reach $157 after breaking out of the $140 price level, and it will go higher in case the bullish trend continues.
The Relative Strength Index (RSI) stands at 37.25, and this means that the market is neutral, although it is approaching the oversold state. The MACD has a negative value, meaning that pressure is in the downward direction. The favorable price movement, however, indicates that there will be a potential reversal, making SOL a coin to follow.
Source: TradingView
However, if the price is not able to maintain above $140, then there might be a downward pressure in SOL.
Also Read: SOL Faces 12-Month Low, Builds Massive $10B Strength
