Solana Nears $200 as DeFi Ecosystem Booms and Technicals Back Bulls
Solana (SOL) has returned to the spotlight, surpassing $180 for the first time since mid-February 2025, fueled by a strong recovery in DeFi metrics, new money inflows, and stellar technical performance. Up 6% in the past 24 hours and 22% in a week, the current rally is bolstering the belief that $200 could be just a matter of time.
Solana DeFi: Total Value Locked (TVL) Surges to Nearly $10 Billion
According to data from DeFiLlama, TVL on Solana has increased from $7.5 billion to $9.6 billion in just two weeks. This growth is mainly due to the major platforms in the ecosystem:
Marinade: +56% TVL
Jito: +41% TVL
Raydium: +78% TVL
At the same time, the weekly decentralized trading volume also increased from $18 billion to $22 billion, reflecting strong user activity and high liquidity demand on the Solana blockchain.
Technical signals support the bullish trend
Solana is currently trading above all major moving averages (10, 20, 50, 100, 200-day EMA and SMA) – which is often seen in sustainable uptrends.
The RSI (relative strength index) is at 71, indicating that the market is close to overbought conditions, but still maintains an uptrend.
Bollinger Bands are widening, with SOL trading close to the upper band – a sign of high volatility and a possible short-term correction.
Current key resistance is around $185. If SOL breaks above this area with a clear breakout accompanied by high trading volume, the upside momentum could push the price to $200. Meanwhile, the nearest support is identified at:
$157 (20-day EMA)
$130 (lower Bollinger band and old accumulation zone)
Institutional Interest, Staking, and Supply Scarcity
Currently, 65% of the total SOL supply is staked, resulting in a limited circulating supply in the market. Combined with the high demand for DeFi, this is a strong support factor for the upside momentum.
In particular, the interest from major financial institutions, along with the possibility of a Solana ETF approval in the future, has further strengthened the confidence in this asset as part of a long-term crypto portfolio.
Warning Signs: Stablecoins Decline and Funding Rates Rising
Not All Indicators Support the Uptrend:
The Solana stablecoin market cap has fallen 8% to $11.7 billion, possibly reflecting temporary outflows from the ecosystem.
The funding rate is at 8%, indicating that long positions are paying high fees – a sign of bullish sentiment but a potential short-term correction.
Conclusion: $200 is Possible – but Volume Confirmation Needed
With a combination of factors such as surging TVL, positive DeFi flows, a strong technical setup, and institutional support, Solana appears to be on the cusp of a new bull run. However, to establish a sustainable trend, a break above $185 with high liquidity is required.
If that happens, a short-term target of $200 is entirely possible. However, in case of rejection at resistance, the $157 and $130 support levels will be important watch zones for short-term traders and investors.
