Solana (SOL) climbed over 5% on Wednesday, joining a broader crypto market upswing. The token reached $155, with trading volume surging 37% to $4 billion. Market watchers are now eyeing a potential move toward $200 as bullish indicators strengthen.
SOL had previously bottomed at $127 in June before staging a rebound. It recently broke above the $121 Fibonacci resistance level, a key technical marker. Chart patterns indicate a bullish flag formation, with the breakout from $145 suggesting a possible price target of $238 if the rally continues.
The token is now supported by its 50-day moving average, reinforcing positive sentiment. The Relative Strength Index (RSI) also confirms the upward trend. However, a dip below $127 could invalidate the bullish setup.
Fueling the momentum is a surge in Solana-based meme coins. Their combined market cap jumped 13% to $11 billion, while daily trading volume spiked to $4.31 billion.
Among the top gainers this week are Bonk, Dogwifhat, and Popcat each up over 20%. This meme coin frenzy helped push Solana decentralized exchange (DEX) volumes past $2 billion, increasing demand for SOL due to higher transaction fees.
Adding to the bullish sentiment is the launch of a new Solana ETF featuring staking options. The fund recorded $33 million in trading volume on its first day. “The ETF’s strong start shows rising institutional interest,” a market analyst noted.
Solana’s gains parallel rallies in Bitcoin and Ethereum, with wider crypto optimism providing tailwinds. If current buying pressure holds, SOL could soon challenge the $200 mark.
Read also: Why Solana Meme Coins are Shaping Crypto Culture in 2025
