Solana’s Road to $200 Hits Resistance Despite Explosive On-Chain Growth
Solana ($SOL ) faced resistance near $185 last week, putting its climb toward the $200 mark on hold. As of May 25, SOL is trading around $173.62—down 7.25% from this month’s high but still up 82% from its yearly low.
Interestingly, Solana’s ecosystem is showing massive growth. Meme coin market caps on Solana have surged from $6B to $14B, and network activity is booming. In the past 7 days alone, Solana recorded 462.5M transactions—outpacing major chains like $BNB Chain (80M), Base (64M), Tron (62M), and $NEAR (42M).
Active addresses on Solana also jumped to 34.7M, far ahead of Base (9.2M), BNB (7.8M), and Ethereum (2.1M). In the DeFi space, Solana led with $22.7B in DEX volume over the past week and nearly $100B over the past month.
Technically, SOL is showing mixed signals. A potential double-top near $185 could hint at a short-term pullback, but the formation of a golden cross between the 50-day and 200-day moving averages suggests bullish momentum may not be far off.
If Solana breaks above the $184.53 resistance, the next stop could be the key psychological level at $200.
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