Solana has experienced a strong rebound since hitting a low of $94.50 in April, fueled by a surge in demand for both its native token and associated meme coins. As of Saturday, SOL had climbed to $170—its highest level since March 3—reflecting renewed investor interest amid a broader bullish trend in both the crypto and equity markets.
This upward momentum aligns with the wider rally across digital assets, where Bitcoin and most altcoins have posted significant gains. As a result, the total market capitalization of cryptocurrencies has surpassed $3.2 trillion.
Meme coins built on the Solana blockchain have played a key role in this rally. Their combined market value has more than doubled—from $6 billion in April to approximately $13 billion today. Among the standout performers are Bonk (BONK), Dogwifhat (WIF), Popcat (POPCAT), and Peanut the Squirrel, each drawing increased attention from traders and fueling enthusiasm across the ecosystem.
Solana’s growth has extended beyond its token price, significantly boosting the performance of its decentralized exchanges (DEXs). Over the past seven days, trading volume across protocols within the Solana network—such as Raydium and Meteora—surged to $20 billion. On a monthly scale, the figure has reached an impressive $78.93 billion.
This growth outpaces Ethereum-based protocols, which recorded $13 billion in weekly volume and $51.5 billion over the last 30 days, highlighting Solana’s increasing dominance in decentralized trading activity.
Further upside potential for Solana may come from the anticipated approval of spot exchange-traded funds (ETFs) linked to its native token. A total of seven financial institutions, including VanEck, 21Shares, Grayscale, and Bitwise, have submitted applications for a spot SOL ETF. If the U.S. Securities and Exchange Commission (SEC) approves these ETFs—and permits staking within them—JPMorgan projects that they could attract more than $6 billion in capital inflows during the first year alone.
Technical setup in solana charts suggests imminent breakout toward $500 target
The weekly chart indicates that Solana (SOL) has developed a classic “cup and handle” chart pattern, a well-known bullish formation in technical analysis. This setup typically features a rounded bottom resembling a cup, a horizontal resistance level, and a smaller consolidation phase forming the handle.
For Solana, the top of the cup is located at approximately $258, while the bottom was established around $8.05. The asset is currently in the process of forming the handle, which often precedes an upward breakout.
To estimate the potential price target, one standard method is to calculate the depth of the cup, which in this case reflects a 97% retracement. Projecting that same percentage gain upward from the resistance level gives a target close to $500.
However, this bullish outlook would be invalidated if SOL falls below a critical support level at $94.50, marking a key threshold for trend reversal.