Solana (SOL) has emerged as one of the top gainers this month, with a rise of over 20%. This surge is not just a result of speculation, but is driven by genuine adoption trends. On-chain activity, DeFi growth, and macro tailwinds are all contributing to Solana’s success.
According to experts from B2BINPAY, Solana’s return above $200 is more than just a speculative pop. On-chain metrics show strong growth, with daily active wallets nearing 3 million and blockchain throughput tripling since July. DeFi total value locked has also reached its highest point since 2022. The increasing adoption of NFTs and GameFi, as well as Visa’s recent USDC settlement pilot on the Solana network, add further credibility to its rally.
From a technical perspective, the $200 mark has become a solid support level, with relatively thin resistance between $219 and $222. A breakout above this range, accompanied by strong volume, could lead to a rapid advance towards $250-$260. This move is supported by falling Bitcoin dominance, indicating an ongoing altcoin rotation, and neutral funding rates, suggesting the market is not overly leveraged. Macro conditions are also favorable, with a weaker US dollar, expectations of a September rate cut, and strong risk appetite in equities, all channeling liquidity into high-beta assets like Solana.
B2BINPAY remains bullish as long as SOL stays above $200 and BTC dominance continues to weaken. However, a drop below $180 could pause the upward momentum. Large whale holdings have also been on the rise, with wallets holding 10,000+ SOL reaching a new all-time high.
Solana is also gaining momentum in institutional portfolios, with four publicly traded companies collectively holding over 3.5 million SOL tokens, representing 0.65% of the circulating supply. This further solidifies Solana’s position as a top performer in the market.
In conclusion, Solana’s rally is backed by real-world use cases and is gaining traction in both retail and institutional markets. As long as it stays above $200 and BTC dominance continues to weaken, Solana is expected to remain one of the top performers in the market. However, a drop below $180 could pause its upward momentum.
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