Solana Surges 12% Reclaiming $150 Level, Nears 400 Billion Transactions

Solana (SOL) is experiencing a significant resurgence, both in terms of on-chain activity and price performance. The network is on the verge of achieving a major milestone of 400 billion total transactions. Over the past week, sol has surged by more than 12%, reclaiming the $150 level for the first time since early March.

Since hitting a cycle low of $9.98 in January 2023, Solana has seen a remarkable 1412% increase, driven by growing adoption within its ecosystem. The network's bullish technical signals, thriving applications like PumpFun and Jito, and discussions about a potential run toward $500 in 2025 are solidifying Solana's position as a top performer in the market.

Solana is nearing a significant milestone, with less than 2 billion transactions away from hitting the 400 billion mark. This achievement coincides with SOL’s price gaining fresh momentum, rising over 12% in the past week and breaking above $150 for the first time since March 2. The network's decentralized exchange (DEX) trading volume has reached almost $16 billion in the last seven days, surpassing any other chain.

Since bottoming at $9.98 on January 1, 2023, Solana has skyrocketed by an incredible 1412%, becoming one of the top performers of the current cycle. This cycle has also brought an explosion of real adoption to the Solana ecosystem. Apps like PumpFun, launched just last year, have quickly become among the most profitable in crypto. Meanwhile, core protocols like Raydium, Meteora, and Jito continue to generate millions in monthly fees, highlighting the network’s growing utility and economic strength.

Solana’s Relative Strength Index (RSI) is currently at 64.51, cooling off from a recent high of 77 just a day ago. Interestingly, it has rebounded from an intraday dip to 58.64, signaling a potential shift in short-term momentum. This fluctuation suggests that while the recent rally may have briefly overheated, buyers are still active, keeping the momentum in bullish territory. The RSI is a momentum oscillator ranging from 0 to 100, used to evaluate whether an asset is overbought or oversold. Readings above 70 typically suggest overbought conditions, often preceding a pullback, while values below 30 indicate oversold levels and potential buying opportunities. With SOL’s RSI now sitting at 64.51, it points to continued bullish sentiment without being overstretched. This level allows for further upside if momentum builds again, but traders will be watching closely to see if the RSI can climb back toward the overbought zone—or if selling pressure starts to mount.

Ask Aime: Is Solana's surge reaching a major milestone?

The Solana price is trading within a tight range, facing resistance at $152 and holding support at $147.60. Its Exponential Moving Average (EMA) lines remain bullish, with short-term averages above long-term ones, signaling that the broader uptrend is still intact. If the $152 resistance is broken, SOL could climb toward $160, and with sustained momentum, even target $180. Looking further ahead, if Solana regains the momentum it had at the end of 2023 and throughout early 2024, it could retest its all-time high of $256 and potentially push toward $300 in the first half of 2025. Should the overall crypto market recover in the second half and Solana continue leading in dex volume and developer activity, the $500 mark becomes a realistic long-term target. However, on the bearish side, a loss of the $147.60 support could open the door for a correction toward $124 or even $112 if the downtrend accelerates.