Solana News Today: SOL Traders Eye $250 After 18% Surge But Onchain Data Send Mixed Signals

SOL traders are projecting a potential climb toward $250 for Solana’s native token, following a recent 18% price surge in less than two days that briefly pushed SOL to $205 [1]. The rally has sparked speculation about the token’s ability to break through key psychological levels, with traders analyzing both network fundamentals and derivatives activity to gauge momentum.

Despite the optimism, on-chain and derivatives data provide mixed signals. Over the past 30 days, Solana’s transaction count rose by 48%, and network fees increased by 43%, suggesting growing usage and economic activity [1]. These figures contrast with BNB Chain, where transactions fell by 41% during the same period. However, Solana’s decentralized exchange (DEX) volumes have declined, dropping to $20.6 billion for the week and falling short of Ethereum’s $116.2 billion in DEX activity when including layer-2 solutions [1]. This trend indicates that while onchain growth supports a bullish case, the broader trading environment remains cautious.

Perpetual futures data also reflect a neutral stance. The annualized funding rate for SOL futures currently sits at 12%, near the threshold between bullish and neutral sentiment [1]. This suggests that traders are not heavily leveraged on either side, and the market may be waiting for stronger catalysts to push the price higher. Historical patterns add to the caution: the last time SOL traded above $200 was on July 22, and it did not last more than 24 hours.

Analysts emphasize that while nothing is preventing SOL from reaching $250, current data do not indicate a surge in trader enthusiasm or a clear catalyst for further gains [1]. The lack of excessive leverage could support a more sustainable rally, but this would depend on increased participation from both retail and institutional investors. The latter, however, remains conditional on the U.S. Securities and Exchange Commission’s approval for a regular Solana ETF, which could unlock broader institutional demand.

Retail sentiment also appears divided. While the price move above $200 has reinforced bullish expectations, the divergence between price action and on-chain activity raises concerns about the sustainability of the rally. The Solana Fear and Greed Index highlights fluctuating sentiment, signaling uncertainty among market participants [2]. Some technical models, such as the 4-hour ratings from Bitget, suggest a “Strong buy” for SOL, but others warn that the rally may require broader participation beyond margin traders to maintain momentum [4].

Traders continue to monitor developments closely, with the $200 level now breached but its significance as a turning point yet to be confirmed. The path to $250 remains clouded by inconsistent trading patterns and moderate volume levels [5]. Investors are advised to track both price movements and on-chain metrics for a clearer picture of where the market may be heading.

Source:

[1] Cointelegraph - [https://cointelegraph.com/news/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] CFGI.io - [https://cfgi.io/solana-fear-greed-index/](https://cfgi.io/solana-fear-greed-index/)

[4] Bitget - [https://www.bitget.com/price/wrapped-solana/price-prediction](https://www.bitget.com/price/wrapped-solana/price-prediction)

[5] Platinum - [https://www.platinumcryptoacademy.com/](https://www.platinumcryptoacademy.com/)