Solana has captured the attention of the crypto community after surpassing its 6-month high for the second time in three weeks. However, unlike the previous attempt to break above the $200 resistance level, SOL is set up perfectly with fundamental and technical aspects for a lasting bull rally. Some analysts predict that this leg might carry Solana through to $270.
Solana fumbles at $200 resistance level
Back in February 2025, when Solana was crashing, the bulls attempted to push the price higher. However, in a bear-infested market, the SOL bulls were only able to hold falling the price mometarily above the $200 psychological resistance level. Thereafter, SOL was only able to reach as high $180.
Solana crosses $200 twice but fails to hold above
However, come July, the SOL bulls mustered the strength and pushed, SOL price just above this level. But, then again, SOL retraced below the the $200 level. It wasn’t once but the bulls pushed twice in 3 weeks in July-August, but failed.
What is Solana’s price today
Solana is currently trading at $184, with a trading volume of $4.7 billion, which is up by 30% in the last 24 hours. The token is beautifully set up to cross above the impenetrable $200 barrier technically and fundamentally. On the technical side, Solana is trading inside a bearish rising wedge. Yes, bearish but then how can it hit $200.
A rising wedge is a bearish chart pattern where prices climb but the highs and lows narrow into a converging, upward-sloping shape. It signals weakening bullish momentum, as each rally is smaller than the last, and often forms on declining volume. While it looks bullish during formation, the pattern typically breaks downward once support is lost, leading to a sharp reversal back toward earlier price levels. However, the pattern has still not fully formed. As such, Solana will keep on hiting higher highs and higher lows.
Solana’s looks fundamentally strong
Solana launchpads like Pump.fun have launched over 6 million meme coins launched since January 2025, generating nearly $1.3 billion via its public sale in July and driving $800 million in platform revenue. Pump.fun alone records over 1 billion USD in volume and attracts more than 13 million unique wallets in just 30 days. When it comes to market depth, Solana’s memecoin market caps reach multi-billion levels—for example, WIF and BONK.
In addition to that the European Union (EU) is contemplating on launching a stablecoin with Solana as the backbone for a digital euro. As the consideration continues, investor confidence in the network’s credibility and adoption prospects could surge.
Analyst’s Opinion on Solana
An analyst known by the pseudonym AltGemHunter predicts that SOL could reach $215, provided it remains above the key support level at $173.5. Even in the event of a deeper correction, prices could dip as low as $155.8, but the analyst expects SOL to hold strong and ultimately climb to $215 or higher.
With increasing number of tokens launched on the Solana platform, and the European Union considering Solana chain as an option to launch a stablecoin, the hype and the excitement is surreal. Although the rising wedge is bearish and the breakout is said to be bearish, I believe that Solana will keep moving higher than $215 even after breaking out. Complementing this opinion an analyst stated “A confirmed bounce from this zone could validate the bullish structure and send the price toward targets at $205, $225, and $268”
