The Solana network faced significant competition from other L1 chains, but the upcoming crypto summer has sparked optimism. On-chain data shows that the number of non-zero SOL addresses recently reached an all-time high. The price of Solana (SOL) has regained upward momentum since early April 2025. It has formed a large valuation, with a fully diluted valuation of around $99.8 billion and a 24-hour trading volume of about $6 billion, hitting higher highs and higher lows over the past seven weeks, indicating a timely rise. The increasing SOL trend coincides with the recovery of Bitcoin price above $100,000 amid an expected reversal of BTC's weekly dominance. Moreover, the growing crypto optimism favors ALTSEASS in the coming months, supported by Ethereum's notable rebound against BTC. Solana network fundamentals remain mixed; Solana continues to be a key player in the Defi space, mostly within the Memecoin ecosystem. The rise in adoption of Solana-based Memecoins has helped increase non-zero addresses recently. According to on-chain analysis data from Glassnode, the number of Solana wallets holding at least 0.1 SOL has reached a new all-time high (ATH) of 11.16 million. Meanwhile, the U.S. Securities and Exchange Commission (SEC) delayed its decision on the proposed Solana ETF from Vaneck on Monday for further review and consultations. Mid-term price forecasts for SOL After reaching a local target of over $174 in the past two weeks, the price of SOL has been held in a short-term correction. On the one-hour timeframe, SOL Price has formed a symmetrical triangle pattern in the past few days. After the price of SOL rebounded on Monday from the lower bounds of the symmetrical descending trend, Sol Price is poised to rally towards the upper bounds in the coming days. A potential close above the symmetrical descending trend would push the price of SOL to the next short-term target of over $200. However, an additional correction in the coming days may likely push the price of SOL towards the next significant support level above $157.

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