Traders eye $250 for $SOL , but on-chain data presents a mixed picture.
Solana's recent rally pushed the price past the $200 mark, but is the momentum sustainable? On one hand, network activity is up with a significant increase in transaction count and fees. This suggests a healthy, growing ecosystem.
However, other data points raise questions. The funding rate for perpetual futures contracts is neutral, indicating a lack of strong bullish conviction from traders. Additionally, decentralized exchange (DEX) activity on Solana has seen a decline for the third consecutive week, falling slightly behind Ethereum's volume.
While some analysts have ambitious long-term price targets, the immediate future seems to be a battle between on-chain growth and cautious trader sentiment.