Solana (SOL) regained bullish traction on Friday, trading above $205 as broader crypto markets reflected renewed risk appetite following the release of key U.S. economic data, including the Unemployment Rate and Nonfarm Payrolls. The move mirrors Bitcoin’s rebound above its $112,000 support level, signaling strength across the digital asset market.
Futures Market and Investor Sentiment
Despite a pullback in futures activity, interest in Solana remains strong. CoinGlass data shows that Open Interest has eased from its record $13.68 billion to around $12.39 billion, a healthy reset in a bullish market cycle. Analysts note that such corrections often create new entry points before momentum accelerates again. With September historically a challenging month for crypto, traders are expected to monitor Open Interest, staking demand, and platform revenues closely to gauge the sustainability of Solana’s rally.
DeFi Growth Strengthens the Bullish Case
Solana’s decentralized finance ecosystem continues to expand, with Total Value Locked climbing to $11.7 billion, according to DefiLlama. This marks a $1.8 billion increase from early August, underscoring investors’ confidence in the network’s ability to support a longer-term uptrend. The steady growth in DeFi participation adds weight to Solana’s bullish outlook despite headwinds in other areas of its ecosystem.
On-Chain Activity Faces a Decline
While DeFi is thriving, Solana’s network activity tells a different story. Active addresses have dropped sharply, falling more than 60% from June’s six-million peak to around 2.26 million. The decline suggests waning user engagement and fewer wallet interactions on-chain, raising questions about the protocol’s broader adoption momentum. Active addresses remain an important metric of network health and long-term sustainability.
Technical Picture: Bulls Eye Higher Targets
From a technical standpoint, Solana is positioned to extend gains toward $220 in the near term, with the $250 level emerging as a key target for bulls. The Relative Strength Index at 56 shows momentum leaning toward overbought conditions, supporting the current uptrend. SOL is also trading comfortably above its 50-day EMA at $187, 100-day EMA at $177, and 200-day EMA at $171, reinforcing the bullish case.
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Solana Price Targets $220 and $250 as Momentum Returns
Solana (SOL) regained bullish traction on Friday, trading above $205 as broader crypto markets reflected renewed risk appetite following the release of key U.S. economic data, including the Unemployment Rate and Nonfarm Payrolls. The move mirrors Bitcoin’s rebound above its $112,000 support level, signaling strength across the digital asset market.
Futures Market and Investor Sentiment
Despite a pullback in futures activity, interest in Solana remains strong. CoinGlass data shows that Open Interest has eased from its record $13.68 billion to around $12.39 billion, a healthy reset in a bullish market cycle. Analysts note that such corrections often create new entry points before momentum accelerates again. With September historically a challenging month for crypto, traders are expected to monitor Open Interest, staking demand, and platform revenues closely to gauge the sustainability of Solana’s rally.
DeFi Growth Strengthens the Bullish Case
Solana’s decentralized finance ecosystem continues to expand, with Total Value Locked climbing to $11.7 billion, according to DefiLlama. This marks a $1.8 billion increase from early August, underscoring investors’ confidence in the network’s ability to support a longer-term uptrend. The steady growth in DeFi participation adds weight to Solana’s bullish outlook despite headwinds in other areas of its ecosystem.
On-Chain Activity Faces a Decline
While DeFi is thriving, Solana’s network activity tells a different story. Active addresses have dropped sharply, falling more than 60% from June’s six-million peak to around 2.26 million. The decline suggests waning user engagement and fewer wallet interactions on-chain, raising questions about the protocol’s broader adoption momentum. Active addresses remain an important metric of network health and long-term sustainability.
Technical Picture: Bulls Eye Higher Targets
From a technical standpoint, Solana is positioned to extend gains toward $220 in the near term, with the $250 level emerging as a key target for bulls. The Relative Strength Index at 56 shows momentum leaning toward overbought conditions, supporting the current uptrend. SOL is also trading comfortably above its 50-day EMA at $187, 100-day EMA at $177, and 200-day EMA at $171, reinforcing the bullish case.