Solana News Today: "Solana's Price Targets $1,000—But Onchain Activity Tells a Different Story"

Solana’s price has shown resilience in recent weeks, with key technical indicators suggesting the potential for a significant rise. After dipping to $155 on August 3, the token has rebounded over 36% to an intraday high of $210 on Wednesday. Analysts highlight the formation of a bullish "megaphone" pattern on the weekly chart, which, if the resistance at $210–$250 is broken, could propel Solana (SOL) toward $1,000. This projection aligns with the observations of crypto analyst Gally Sama, who noted that the current chart configuration reflects a "bullish multimonth setup" typically associated with strong upward moves. The relative strength index (RSI) has also shown a steady increase from 49 to 61 since early August, signaling growing bullish momentum in the market.

Alongside favorable technicals, Solana’s open interest (OI) in futures markets has reached an all-time high of $13.68 billion, indicating robust speculative activity. This surge in OI is often seen as a precursor to significant price movements, as demonstrated earlier this year when a 188% increase in OI was followed by a 103% rise in SOL’s price. The recent rise in open interest coincides with the approval of the Alpenglow upgrade, which has slashed transaction finality from 12.8 seconds to 150 milliseconds and boosted throughput to 107,540 TPS. This upgrade enhances Solana’s scalability and positions it more competitively against Ethereum, potentially attracting institutional investors and driving further adoption.

However, while the technical and speculative outlook appears strong, onchain activity paints a less optimistic picture. Over the past 30 days, Solana’s transaction count has dropped by 99%, and the number of active addresses has fallen by 22%. These figures contrast sharply with Ethereum’s 39% increase in transaction volume during the same period. The decline in onchain activity raises concerns about the sustainability of Solana’s price gains, especially as decentralized exchange (DEX) volumes on the network have fallen by 65% to $10.673 billion in the latest week. These developments suggest that while Solana’s price is underpinned by speculative and technical factors, the underlying network usage has not kept pace, potentially acting as a headwind for future price performance.

In a broader market context, Solana faces competition from emerging projects such as Remittix (RTX), which is gaining traction with a novel approach to cross-border payments. The RTX presale has already raised over $23 million, with strategic exchange listings on BitMart and LBANK enhancing its liquidity and global exposure. Unlike Solana and Ripple (XRP), which rely on established blockchain infrastructure, Remittix is designed for real-world utility, with features such as instant crypto-to-bank transfers in 30+ countries and real-time foreign exchange conversion. Its deflationary tokenomics and CertiK-audited security framework have further attracted attention from institutional and retail investors alike. Analysts argue that projects like Remittix, with clear real-world applications and measurable adoption, may outperform large-cap altcoins in the long term, particularly in a market increasingly focused on utility and scalability.

Despite these challenges, Solana remains a key player in the crypto ecosystem. The approval of the Alpenglow upgrade and ongoing institutional interest suggest that the network is well positioned for potential adoption growth. However, with diminishing onchain activity and a bearish trend in DEX volumes, the path to sustained price appreciation may remain uncertain. In contrast, projects such as Remittix, which combine technical innovation with practical use cases, are attracting attention for their potential to deliver more concrete value to end users. As the crypto market continues to evolve, the balance between speculative momentum and real-world adoption will likely determine which projects emerge as leaders in the coming years.

Source: [1] Solana Open Interest Hits $13B All-time High (https://cointelegraph.com/news/solana-charts-1000-sol-price-target-open-interest-all-time-highs) [2] Remittix Has More Potential Than Solana And Ripple In (https://www.mitrade.com/insights/news/live-news/article-3-1085088-20250901) [3] Ripple Facing Tough Competition From Remittix As Top (https://www.livebitcoinnews.com/ripple-facing-tough-competition-from-remittix-as-top-experts-worldwide-call-rtx-the-new-xrp/) [4] Ethereum and Solana Show Diverging Paths While (https://www.digitaljournal.com/pr/news/binary-news-network/ethereum-solana-show-diverging-paths-162339796.html) [5] Best Crypto to Buy This Week: Ethereum, Solana and a (https://www.mitrade.com/insights/news/live-news/article-3-1093777-20250904)