Despite trading in the red on May 13, Solana (SOL) shows extremely bullish potential. The blockchain has outperformed all other Layer 1 and Layer 2 networks with over $50 million in weekly revenue from decentralized applications (dApps) โ a fundamental signal that SOL may soon aim for the $300 mark.
๐ Short-Term Pullback, Long-Term Momentum Still Strong
SOL briefly touched $180 on Monday before slipping to around $171, reflecting profit-taking rather than a reversal in trend.
Price action shows SOL respecting a rising parallel channel, repeatedly defending the midline support. A breakout above the upper resistance band could trigger the next wave upward.
โจ Golden Cross & Growing Strength
Technicals reveal a forming golden cross, where the 20-day EMA is approaching a crossover with the 200-day EMA โ typically a sign of a long-term uptrend.
๐ The RSI sits at 69, confirming strong buying pressure. If the momentum holds, breaking $200 is only a matter of time, with the ultimate target near the all-time high of $300.
๐ Solana Leads All DeFi Networks
According to DeFiLlama, Solana generated over $50 million in weekly dApp revenue, dominating the market with a 51.6% share โ more than three times Ethereumโs 14.2%.
๐ These numbers boost investor confidence and demonstrate that Solana is the go-to network for DeFi activity and capital flow.
๐ Meme Coin Frenzy Fuels the Ecosystem
Additional data from DappRadar confirms a booming on-chain environment:
๐น Weekly dApp trading volume: $1.61 billion
๐น Weekly transactions: 138 million
๐น Meme coin market cap on Solana: over $14 billion
This spike in network usage is largely driven by growing interest in meme coins like WIF, BONK, and POPCAT, capturing attention and liquidity.
๐ Rising Open Interest Signals Trader Confidence
Despite the recent price pullback, confidence remains high. Open Interest (OI) is rising, hitting $6.92 billion, the highest level since January โ suggesting traders are betting on further gains.
๐ฎ Outlook: The Road to $300 Is Wide Open
With surging DeFi revenue, dominant network activity, and solid technical indicators, Solana appears well-positioned to break past $200 and test its all-time high near $300.
If momentum persists and on-chain fundamentals remain strong, SOL may soon reach new highs โ and possibly exceed them.
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