After nearly three months, Solana's price has rebounded to $185.
Solana price re-tested $183 today; confirmation will trigger a bull market.
65% of Solana's total supply has been staked, with total locked value (TVL) reaching $10.9 billion.
The increase in network fees and the upcoming ETF approval will stimulate future growth.
Solana Coin has once again topped the list of top interests, growing 35% in the past 30 days, which has allowed SOL to break through the long-term resistance level of $180.
Currently, the altcoin is trading at $180, having recorded two potential retests and confirmations. One at $179.7 and the other at $180.49, recently testing $183, and it has yet to be confirmed whether it will break through $200 for a strong rise.
What is driving the rebound of Solana?
The rebound of Solana is the result of multiple factors, including the long-awaited Firedancer upgrade that is set to be released later this year. This upgrade aims to provide a transaction speed of 1 million per second, thereby reducing downtime.
Solana has recently surpassed the total TVL of the entire Ethereum Layer 2 network, reaching $10.9 billion in TVL, ranking second after the Ethereum mainnet.
The growth of TVL is attributed to the rise in TVL of some key Dapps in the Solana ecosystem, as observed last time.
Y (Agile): +68%
Pump fun (Launchpad): +24.9%
Pickle (Staking): +60%
In addition to on-chain growth, the Solana network has also recorded astonishing growth, with net assets of approximately $43 million and a monthly growth rate of 109%, surpassing both Ethereum and TRON networks (at $24.9 million and $51.9 million respectively). This growth indicates an increase in network usage and DeFi activity.
With the support of the Solana memecoin rebound, we can see Bonk, WIF, Popcat, Fartcoin, Peanut, Moodeng, and most of them.
Institutional investor interest has not stopped after Solana was included in the U.S. strategic cryptocurrency reserves; the SEC's approval of the Solana ETF is a key event to watch.
Solana price suggests a breakthrough above $250.
As we see in the SOL/USDT chart, Solana broke through the resistance level of $147 a week ago, turning it into a support level, with the current resistance level at $185. The current momentum favors the bulls, and if it breaks above $160, Solana's increase will exceed 40%. In 2025, Solana hit a low of $95.13 and experienced a sharp descending wedge breakout.
This bullish reversal has turned around Solana's trend, with the SOL price currently breaking above the 200-day moving average (EMA) at $162, as well as the 50% Fibonacci retracement level (EMA) at $165. We can also see a positive crossover of the 50-day and 100-day moving averages (EMA), with the RSI at 61.35, moving down from the overbought territory.
If the current market conditions are favorable, Solana may break through the current resistance level of $185 and approach the next resistance level of $201. If this altcoin loses momentum, the 200-day moving average will still be a key support level at $162.
