Solana News Today: SOL Traders Target $250 Amid Mixed Onchain and Derivatives Signals

SOL traders are hopeful that Solana’s native token, SOL, could eventually reach $250. This optimism is supported by recent price movements, including an 18% surge in less than two days that pushed the token briefly above $205. However, the data landscape is far from clear, with mixed signals emerging from key onchain and derivatives metrics, leading to a cautious stance among traders and analysts [1].

On the positive side, Solana’s network activity has been robust. According to Nansen, the platform saw a 48% increase in transactions over the past 30 days, outperforming BNB Chain, which experienced a 41% decline in the same period. Network fees also rose by 43%, indicating that the growing usage of Solana’s infrastructure is generating real economic value for tokenholders. These fundamentals support the notion that SOL could continue its upward trajectory [1].

Yet, derivatives data paints a more nuanced picture. The annualized funding rate for SOL perpetual futures is currently at 12%, a level that sits on the border between neutral and bullish sentiment. This suggests that while some traders are willing to take long positions, they are not doing so aggressively. Traders appear to be recalling the brief period in July when SOL briefly rose above $200 before retreating, fueling skepticism about the token’s ability to sustain higher prices [1].

Decentralized exchange (DEX) activity, a key indicator of ecosystem health, is also mixed. DefiLlama data shows that Solana’s weekly DEX volumes fell to $20.6 billion, the third consecutive week of decline. Over the past 30 days, Solana’s DEX volumes stood at $113.7 billion, slightly behind Ethereum’s $116.2 billion. When including Ethereum’s layer-2 ecosystem, the gap widens further. For SOL holders, these figures raise questions about the platform’s ability to maintain momentum in the DEX space [1].

Despite the uncertainty, some traders remain bullish. A DeFi development corporation recently revealed it holds over 1.3 million SOL tokens, valued at nearly $250 million, signaling long-term confidence in the platform’s utility and growth potential. However, this is not a direct market forecast but rather an indicator of institutional positioning [2].

Institutional activity also plays a role in shaping market sentiment. Alameda Research, a major Solana holder, recently unlocked $35 million in SOL after four years of holding, a move that could impact short-term liquidity and price volatility. While this does not directly indicate a price target, it reflects shifting strategies that may influence trader behavior [3].

Meanwhile, the broader crypto market shows some resilience. Ethereum ETFs have seen significant inflows, and ETH is trading near a five-year high, suggesting a risk-on environment. However, this broader context does not erase the uncertainty surrounding Solana’s specific fundamentals. Whale activity on Solana has shown some offloading, but this is not necessarily bearish and may reflect strategic rebalancing [4].

In conclusion, while traders are optimistic about the possibility of SOL reaching $250, the onchain and derivatives data suggest that the path to that goal is not without obstacles. The market remains in a state of cautious anticipation, with traders closely watching for signs of increased retail and institutional participation, particularly if a regular Solana ETF receives SEC approval. Until then, the rally will depend on whether bullish momentum can overcome the mixed signals currently emerging from key metrics.

[1] Cointelegraph, "SOL traders expect $250, but Solana data sends mixed signals", https://cointelegraph.com/news/sol-traders-expect-250-but-solana-data-sends-mixed-signals

[2] FXLeaders, "Author: Arslan Butt", https://www.fxleaders.com/news/author/arslanalibuttgmail-com/

[3] Mitrade, "Alameda Research Unlocks $35M In Solana After 4 Years", https://www.mitrade.com/insights/news/live-news/article-3-1033433-20250813

[4] FastBull, "Ethereum ETFs see record $1 billion inflow as ETH hovers ...", https://www.fastbull.com/news-detail/ethereum-etfs-see-record-1-billion-inflow-as-news_6100_0_2025_3_7356_3/6100_RIO-USDT