Solana News Today: Solana's Speed Boost Ignites $1,000 Race Amid Bullish Bets

Solana (SOL) has surged to $202 per coin, driven by a broader recovery in the cryptocurrency market and the approval of the Alpenglow consensus proposal, which aims to reduce block finality from 12.8 seconds to around 150 milliseconds. The upgrade, marked as passed with 98.27% support, is expected to significantly enhance Solana’s throughput to 107,540 transactions per second (TPS), potentially increasing its competitiveness against Ethereum in decentralized finance (DeFi) and high-frequency trading applications [2].

The price momentum has been further reinforced by a surge in Solana’s Open Interest (OI), which recently reached an all-time high of $13.68 billion. This record level of OI reflects strong speculative interest and suggests that traders are increasingly betting on the coin’s upward trajectory, possibly fueled by institutional inflows and growing speculation around potential exchange-traded fund (ETF) listings. A 0.5% increase in OI in the last 24 hours brings the total to $12.45 billion, signaling continued optimism among market participants [1].

Technical indicators also support the bullish case. The SOL/USD 4-hour chart shows a recovery above the $200 mark, with the Relative Strength Index (RSI) at 51, indicating the asset has moved out of bearish territory. Meanwhile, the Moving Average Convergence Divergence (MACD) lines have crossed into the positive zone, suggesting growing buying pressure. A sustained move above the $210 level could lead to a rally toward $218, with extended bullish momentum potentially pushing the price to $240 and even $260 in the near to medium term [1].

Analysts have drawn attention to a broader bullish megaphone pattern on the weekly chart, suggesting the potential for a parabolic rise if the price breaks above the upper trend line around $330. If this level is surpassed, the measured target of the pattern could reach $1,057. Additionally, a breakout above the cup-and-handle pattern’s neckline at $250 could lead to a price target of $1,030, according to Fibonacci retracement analysis [3]. Analyst Gally Sama has also noted a “bullish multimonth setup” and reiterated a $1,000 price target for SOL once the current range is broken [3].

However, the bullish case faces headwinds from on-chain data showing a decline in Solana’s network activity. Over the past 30 days, the number of transactions on Solana has dropped by 99%, while Ethereum’s transaction count increased by 39% during the same period. Decentralized Exchange (DEX) activity on Solana also fell for the third consecutive week, with weekly DEX volumes dropping 65% to $10.673 billion. This decline in activity could serve as a constraint on future price gains, even as the DeFi ecosystem continues to accumulate over $12 billion in total value locked (TVL) [3].

Looking ahead, the next few weeks will be critical for Solana’s price trajectory. If the $200 level holds as a floor, the likelihood of a move toward $225–$230 increases, with potential ETF developments unlocking a broader rally toward $270–$300. A breakdown below $196, particularly under $175, could trigger a deeper correction similar to past declines of 23–41%, especially following peaks in metrics like Net Unrealized Profit/Loss (NUPL) and Coin Days Destroyed (CDD) [2].

Source:

[1] Solana Price Forecast: SOL-USD Holds $207, Targets $270 ... (https://www.tradingnews.com/news/solana-price-forecast-sol-usd-price-trades-at-207-usd)

[2] SOL tops $200 as bullish momentum returns: check forecast (https://cryptorank.io/news/feed/30b95-sol-tops-200-as-bullish-momentum-returns-check-forecast)

[3] Solana Open Interest Hits $13B All-time High (https://cointelegraph.com/news/solana-charts-1000-sol-price-target-open-interest-all-time-highs)