Solana’s Strong Fundamentals Point to $200 Recovery
Solana (SOL) has seen a 15.5% pullback from its recent peak of $209.80 during the broader crypto sell-off. Despite this, on-chain metrics and institutional data suggest a bullish outlook with a potential retest of $200.
Over the past 30 days, Solana’s DeFi ecosystem led decentralized exchange volumes with $111.5 billion, outpacing combined Ethereum layer-2 networks. Total Value Locked on Solana rose 20% to $12.1 billion, surpassing BNB Chain. Network fees increased 22% to $35.6 million, highlighting strong user activity and supporting staking yields.
Institutional interest is growing, with SOL futures open interest climbing to $10.7 billion and $2.8 billion in exchange-traded products. A 7.3% native staking yield and an expected US spot ETF approval by year-end add further support. These factors underpin confidence in Solana’s resilience and potential recovery to the $200 level.
Bullish
Solana’s robust on-chain metrics and growing institutional participation create a bullish outlook. Historically, strong DeFi volumes, rising TVL, and increasing network fees have preceded price recoveries, as seen with Ethereum in mid-2021. The surge in SOL futures open interest and ETP inflows indicates renewed trader confidence and capital inflow. Additionally, a 7.3% staking yield and the potential launch of a US spot ETF by year-end could attract further investment. While short-term volatility may persist amid the broader crypto sell-off, these fundamental drivers support a rebound toward $200. Traders often respond positively to rising DeFi activity and institutional flows; thus, Solana’s improving data points suggest a bullish trend in both the short and long term.