Solana Price Rally: SOL Jumps 18% to $205 as Network Activity Surges, but $250 Target Faces Hurdles

Solana’s native cryptocurrency (SOL) has climbed nearly 18% in less than 48 hours, briefly touching $205 before slipping back below the $200 mark. The rally has sparked renewed discussion of a potential run toward $250, but mixed onchain and derivatives data suggest the path ahead is far from clear.

SOL Outpaces Broader Crypto Market

Despite failing to hold the $200 psychological resistance, Solana’s latest surge outperformed most of the top 10 cryptocurrencies. The move pushed SOL’s market capitalization to $107 billion, narrowing the gap with BNB’s $117 billion valuation.

Over the past month, Solana’s onchain performance has been one of the strongest among major blockchain networks:

Transactions: Up 48% month-over-month

Network fees: Increased 43%

BNB Chain transactions: Down 41% in the same period

This divergence in network activity has fueled optimism around Solana’s growth trajectory, with many analysts noting that increased usage often precedes stronger price performance.

Derivatives Market Shows Measured Optimism

On the derivatives front, SOL perpetual futures funding rates have climbed to 12% annualized, sitting right on the threshold between neutral and bullish territory.

However, the data doesn’t show overwhelming bullish conviction. The last time SOL crossed the $200 mark in July 2025, the rally faded within a single trading day. Many traders are therefore cautious about declaring a confirmed breakout until SOL sustains levels above $200–$205 for several consecutive sessions.

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