Solana has once again risen to conquer the 200 USD mark after recording an increase of nearly 13% in the past week. Although the upward momentum did not last and the price has slightly adjusted down to 197 USD, this bounce remains a clear testament to the strong return of investor confidence.
In the context of the entire market transitioning into a growth cycle, technical signals on the daily frame indicate that SOL still possesses the potential to break out and hold the 200 USD mark – thus igniting hope for a new acceleration phase.
New buyers are boosting Solana's upward momentum
The RSI of SOL on the daily chart is reinforcing the bullish outlook, as at the time of writing, this indicator stands at 61.32 – still below the overbought threshold, indicating ample room for growth.
RSI is a measure of the strength of price trends, ranging from 0 to 100. When the RSI exceeds 70, the asset is often seen as overbought and may correct downwards; conversely, below 30 is a state of overselling, posing a potential for a rebound. At the current level, the RSI of SOL indicates that the upward trend remains intact, while reflecting the growing confidence of investors. The steady increase of this index is a sign that buying power has not yet exhausted and that SOL's price may continue to rise.
In parallel, data from Glassnode shows that new demand for SOL has surged in the past 14 days. Specifically, the number of new wallet addresses conducting their first SOL transactions has increased by up to 51% since August 3rd. This explosion indicates that new capital is flowing strongly into the market, reinforcing investor confidence and laying the foundation for SOL to maintain or even expand its upward momentum in the coming time.
SOL Price Prediction
Market confidence in Solana has been significantly strengthened this week, as the price has first exceeded the 200 USD mark since February. In the past 30 days, SOL has risen nearly 21%, coinciding with the kickoff phase of the altcoin season.
The excitement is not only coming from Solana – Ethereum (ETH), SOL's biggest competitor, has also surged close to 5,000 USD, indicating that capital is shifting strongly towards the altcoin group. At the same time, the total market capitalization of crypto has climbed to 4.2 trillion USD.
Another noteworthy signal is that the REX-Osprey Solana + Staking ETF (SOL) has raised its total assets under management (AUM) to 182 million USD. If FOMO sentiment spreads, buying pressure through this channel could push the price of SOL straight to 250 USD or higher. Liquidity is currently abundant, with a 24-hour trading volume reaching 13 billion USD – equivalent to nearly 13% of the circulating supply. History shows that whenever the volume exceeds 10 billion USD, SOL usually quickly returns above 200 USD.
Technically, the daily chart recorded profit-taking pressure after SOL hit the resistance level of 209 USD. This could be the phase where investors reduce their positions, opening opportunities for late buyers to accumulate at lower price levels. A slight correction around 190 USD could be an ideal bounce point, helping SOL aim towards the old peak of 294 USD, and then extend the rally to around 500 USD.
With this scenario, SOL has the potential to increase by up to 180% in the next 3–6 months. The 1,000 USD mark is still within reach, but to achieve this, the market will need stronger catalysts. In the short term, the target of 500 USD is assessed as the most feasible and reasonable.