If there is a token quietly rising this quarter, it is none other than Solana (SOL). In less than a month, the price of SOL has risen over 23%, easily breaking through the $150 resistance level, attracting strong market attention.
However, what is truly shocking is not the price performance, but that the supply of Solana stablecoins has soared to a historic high—$12.8 billion. This not only represents a rapid influx of capital but also marks a fundamental shift in market confidence.
On-chain data is exploding across the board, and SOL's fundamentals are as solid as a rock.
The Solana ecosystem is undergoing a comprehensive recovery: the total locked value (TVL) in April soared to nearly $3 billion, stablecoin supply surged, and on-chain transaction volume also surpassed an average of 100 million transactions per day, a month-on-month increase of over 13%. All these show Solana's strong capital-raising ability and technical strength in the DeFi field.
At the trading level, SOL is currently performing strongly. However, it is worth noting that with the rapid rise in price, the market may also face the risk of a short-term technical pullback.
Beware of overheating signs; short-term sentiment should be treated calmly.
From an on-chain perspective, SOL's SOPR (Spent Output Profit Ratio) has remained above 1 for two consecutive weeks, indicating that the market is currently in a profit-taking state. Although this means there is no panic selling, if the SOPR remains high for a long time, it may also signal excessive optimism in the short-term market.
In addition, the number of active addresses has significantly decreased in a short period, plummeting from 61 million to 46 million, casting a shadow over the short-term trend.
Aiming for $200? It still requires the market to cooperate.
From a fundamental perspective, Solana remains one of the most explosive projects in the current public chain. However, the technical indicators are signaling a 'need for rest.' Unless Bitcoin can maintain its high position and drive sentiment, it may still be a bit aggressive for SOL to 'smoothly break through $200' in the short term.
But in the long run, with the inflow of stablecoins, the rise in TVL, and the recovery of on-chain activity, Solana has undoubtedly returned to a strong trajectory, and the target of $200 is just a matter of time.
