As of Monday afternoon, Solana (SOL) is maintaining above the $200 mark, continuing the impressive recovery from the previous week. The momentum of SOL is further strengthened as open interest (OI) hits a record of over $13 billion. Not stopping there, the IPO event of Bullish last week has added a breath of optimism to the market, raising hopes that SOL could soon approach the historical peak.
Solana's open interest sets a new record
Data from CoinGlass shows that Solana's open interest (OI) on exchanges has set a new record, reaching $13.08 billion on Monday. The rise in OI to such a high level indicates that new money is still flowing strongly into the market, thereby strengthening buying power and adding momentum to Solana's current price increase.
Not only that, the optimistic outlook for the Solana ecosystem is also supported by a liquidity boom and increasing interest from traders. According to data from Artemis Terminal, trading volume on decentralized exchanges (DEX) within Solana surged from $2.6 billion on August 17 to $7.1 billion in just a few days, as of Sunday.
Optimistic signals for Solana
Solana is regaining strong growth momentum after a series of positive news in the past week, rekindling new confidence for investors in the future of this coin.
The most notable highlight comes from Bullish (BLSH) — a global digital asset platform specializing in serving institutional clients, providing market infrastructure and data services. The company recently announced that it successfully raised $1.15 billion through an IPO paid in stablecoin in the US. Notably, most of this stablecoin was issued directly on the Solana network, creating a strong boost in demand and solidifying the ecosystem's position.
Not stopping there, Solana will have an impressive debut at the All-In Summit 2025 in September. At the same time, Superteam UAE also announced the project 'Solana City' — a co-working space in Dubai for the Web3 community. Meanwhile, the state of Wyoming (USA) is preparing to launch the first state-backed stablecoin on the Solana platform, marking an important milestone in the global application expansion process and affirming the ecosystem's outstanding growth.
Solana price forecast: Bulls target ATH
The price of Solana (SOL) found strong support around the 50-day exponential moving average (EMA) at $179.45 on Friday, subsequently jumping nearly 16% in just two days, pushing SOL above $207 on Monday.
If this upward trend continues, SOL could fully expand its recovery, aiming for the next important resistance level at $230. Once it breaks through and closes above this level, the price is likely to approach the historical peak of $295.83.
Technical indicators are also supporting the optimistic sentiment: The relative strength index (RSI) on the daily frame is at 62, exceeding the neutral threshold of 50, indicating strong bullish momentum. At the same time, the MACD indicator just recorded a bullish crossover on Friday, further reinforcing the positive outlook for SOL.
However, investors should also be cautious of a correction scenario, where SOL could retrace to test the 50-day EMA at $179.45 before continuing the upward trend.
