Solana, one of the leading layer-1 blockchain platforms, is exhibiting robust on-chain activity that analysts believe could push its price upwards toward the $200 mark.
As of Wednesday, the price of Solana (SOL) hovered around $147.25, slightly below last week’s peak of $156. Since hitting its lowest level this year, the cryptocurrency has surged more than 52%.
According to independent analytics data, Solana’s network is currently outpacing Ethereum in several critical performance metrics. Data from Nansen reveals that in the past seven days, Solana processed over 410 million transactions, a 10% week-over-week increase driven largely by surging interest in meme coins within its ecosystem, such as Fartcoin, Dogecoin, Bonk, and Official Trump. These heightened activity levels led Solana to collect over $9.3 million in transaction fees, marking a 22% increase during the same timeframe.
In contrast, Ethereum only handled about 8.6 million transactions in the last seven days, resulting in Solana processing roughly 47 times more transactions. Ethereum also collected significantly lower fees at around $4.45 million. A similar trend has persisted over the past 30 days, with Solana managing an impressive 1.58 billion transactions compared to Ethereum’s 36 million.
TokenTerminal’s data paints an even more positive picture for Solana over a longer horizon. Year-to-date, Solana network fees have eclipsed $400 million, considerably more than Ethereum’s $241 million. Moreover, decentralized exchanges (DEXs) on the Solana network facilitated trading volumes of over $68 billion in the last month alone, whereas Ethereum-based DEXs reached only $56 billion during the same period.
From a technical analysis perspective, Solana’s price action appears to be signaling bullish momentum. Earlier in the month, SOL hovered at a low of $94.87 amid concerns over its meme coin ecosystem, before climbing to last week’s high of $156.55. Presently, SOL stands comfortably above the crucial support level of $121, a key floor that was repeatedly held through June, July, August, and September of last year. Additionally, SOL’s price action has moved decisively above both the 25-day and 50-day weighted moving averages.
The current setup indicates the formation of a bullish flag pattern. Typically characterized by a sharp upward move (“flagpole”), followed by a period of consolidation (“flag”), this pattern often precedes another robust breakout. If bullish momentum persists and this chart pattern resolves upwardly, traders anticipate a near-term price target of $200, representing roughly a 32% increase from current levels. Conversely, if Solana breaches the support at $121, the bullish outlook could become invalidated.
