$BTC Solana Price Targets $300 As SOL Outperforms All Networks With $50M Weekly dApp Revenue

Solana (SOL) trades in the red today, May 13, but strong fundamentals, including a surge in weekly decentralized application (dApp) revenue, suggest that the Solana price may witness a bull run to $300. On-chain data suggests that the Solana blockchain has outperformed all other layer one and layer two networks, which is a bullish indicator for the token.

SOL briefly hit the $180 barrier on Monday before facing strong rejection as traders booked profits, causing a reversal to trade at $171 at press time.

Solana price is teasing a breakout from the resistance line of an ascending parallel channel, but it has been rejected at this level several times. However, as it is successfully defending the midline support, a breakout from the upper resistance is likely to happen, and it may fuel more gains.

Besides this bullish channel, a golden cross is looming as the 20-day EMA tips north and nears a convergence with the 200-day EMA. If the trend depicted by the two trendlines continues, and a crossover occurs, it may spark the next bullish leg for SOL price past the $177 resistance level to the previous all-time high of $296, towards $300.

The RSI indicator also confirms that the momentum is bullish and Solana may cross $200 soon, given the reading of 69, which confirms that buying pressure is still strong.

Besides the bullish technical outlook, network fundamentals also confirm that bulls will likely continue driving the upward momentum for the Solana price.

The Solana blockchain outperformed all the other layer one and layer two networks in terms of revenue earned by decentralized applications (dApps) last week. Data from DeFiLlama shows that during the week, Solana revenues surpassed $50 million while the network’s dominance reached 51.6%, which was over three times higher than Ethereum’s 14.23%.