Solana has made waves in the crypto market recently, breaking out of weeks-long consolidation and outperforming Ethereum despite not quite reaching its all-time high. The technical setup and changing on-chain dynamics have created what many analysts see as a launching pad for SOL’s next move.
The token officially escaped its consolidation pattern around the $210 mark with strong conviction, pushing to $214 before a slight pullback. This breakout from a symmetrical triangle pattern has created a technical setup that could drive SOL toward multi-month highs.
Support now sits firmly at $204-$206, which represents the 0.618 Fibonacci retracement level. With breakout confirmation above $210, the first target sits at $218 (1.0 Fibonacci level), with an extended target reaching nearly $228 (1.272 Fibonacci extension).
However, SOL has faced some headwinds in recent days, dropping over 10% this week with another 3% decline today, approaching a major support zone. Holding the $200-$210 range will be critical for maintaining bullish momentum.
The price movements come as institutional interest in Solana continues to grow. Two of the largest Solana treasuries launched back-to-back, with Pantera Capital purchasing billions of SOL at a high average price, effectively establishing a new price floor.
The on-chain landscape for Solana has undergone a dramatic transformation in 2025. While the network once saw memecoin trading dominate its activity, that trend is rapidly reversing.
Blockworks data reveals memecoins previously accounted for over 60% of Solana’s decentralized exchange (DEX) activity in late 2024 and early 2025. Most of this volume originated from the platform pump.fun, helping Solana nearly double Ethereum’s DEX volume during that period.
Solana co-founder Anatoly Yakovenko had warned this model wasn’t sustainable. Despite facing criticism from the community, his focus on supporting builders rather than meme coins appears validated by recent trends.
Since the official Trump and Melania memecoin launches, meme coin volume has plummeted to under 30% of total network activity, the lowest share since February 2024. Frequent rug pulls and the collapse of projects like LIBRA and Trump coins have eroded retail confidence in the space.
This retreat in memecoin activity has coincided with a sharp decline in active traders. Solana DEX daily users peaked at 4.8 million in January but have since fallen below 800,000 by September.
As memecoins fade, stablecoins are stepping in to fill the void. Swaps between SOL and stablecoins have climbed to nearly 58% of DEX volume, the highest since November 2023. Direct stablecoin-to-stablecoin trades are also gaining ground, now accounting for about 4% of activity.
Solana $SOL is in the middle of a 15% bullish breakout! pic.twitter.com/nehojEA2mN
— Ali (@ali_charts) September 8, 2025
The Solana stablecoin ecosystem has experienced explosive growth, reaching more than $12 billion, up from $5 billion at the start of the year. This transition signals the network’s maturation beyond its memecoin boom phase.
Traders are increasingly using stablecoins as safer, more flexible tools for hedging, payments, and institutional strategies. This pivot is likely one of the factors driving Wall Street’s growing interest in Solana.
The numbers make a compelling case for optimism. Solana’s total value locked (TVL) grew 0.30% over the past month, while Ethereum’s TVL dropped more than 7% despite breaking its all-time high. Solana now averages more than $5 billion in daily DEX and on-chain volume.
While RSI sits in the mid-40s at 44, indicating cooling but not oversold momentum, the MACD shows slightly bearish tilt. Nevertheless, with strong institutional backing and an overall market bounce in progress, the bullish setup appears to be the preferred scenario for most analysts.
Many price forecasts target the $400-$500 range for SOL if it can maintain its current trajectory and build on the foundation of its maturing ecosystem.
The post Solana (SOL) Price: Technical Breakout Signals Potential 15% Rally to $228 Range appeared first on Blockonomi.
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