Solana (SOL) is trading around $173.90, down about 1% over the past 24 hours, after a strong multi-day rally pushed the token up more than 10% on the week. Despite today’s dip, the move outpaced most large-cap altcoins, and SOL is still well above last week’s lows—keeping breakout speculations alive and putting the spotlight back on Solana’s underlying fundamentals.
The renewed focus is showing up in the network’s on-chain data. Solana saw $22.39 billion in weekly DEX volume and $9.44 billion in total value locked (TVL)—its highest in over a year and a strong signal that DeFi momentum is back.
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It marks a rebound in user and developer interest across the network, further supporting the narrative of Solana’s growing strength.
Increased volume and liquidity improve yield opportunities for users while rising TVL supports the long-term growth of decentralized protocols building on Solana.
Beyond DeFi, Solana is gaining traction in the tokenization of real-world assets (RWAs). Support for tokenized treasury bills, real estate, and private credit is growing on Solana—positioning the network to tap into traditional finance use cases.
Retail activity has added fuel to the rally. A wave of Solana-based meme coins and consumer-facing apps has pushed transaction volume and network fees. While meme coins remain polarizing, their market impact is undeniable.
The activity provides stronger economic incentives for developers and validators. Attention-driven surges may not always last, but they introduce new users and increase throughput—factors that matter in network health and developer decision-making.
Macro tailwinds are also in play. Bitcoin BTC/USD is holding above $100,000 and Ethereum ETH/USD is above $2,000. With rate cuts still on the table, broader market sentiment has shifted back toward risk-on assets, benefiting altcoins like Solana.
At the same time, market caution is rising: SOL’s 30-day long/short ratio has fallen to 0.86 (the lowest since April) while the Balance of Power sits at −0.32, signaling sellers dominating momentum and hinting at potential near-term consolidation.
Resistance remains—SOL has struggled to clear the $180–$190 range and remains well below its all-time high of $294.33. The network’s history of congestion and outages continues to weigh on long-term investor confidence.
Still, a move toward $200 isn’t just about sentiment. It depends on whether Solana can maintain momentum across core metrics like DEX volume, TVL, and real-world asset adoption. If those trends hold, Solana may test resistance and carve out a more permanent role in the Layer 1 space.
Whether SOL breaks through or stalls, one thing is clear; the rally is different. With fundamentals improving and institutional use cases on the rise, Solana’s comeback is gaining traction where it counts.
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