Solana is testing key resistance levels after a strong August surge in on-chain growth, leaving participants watching closely for the next breakout move.
Solana has once again captured participants’ attention after a standout August, where both on-chain activity and price action lined up for a strong showing. Revenue nearly doubled year-over-year, perpetual volume hit record highs, and now price is pressing into key resistance zones.
Solana’s Strong August On-Chain Performance
August turned out to be a defining month for Solana, with on-chain metrics showing remarkable strength across multiple fronts. App revenue climbed to $148 million, nearly doubling year-over-year and surpassing every other network. Trading activity was also robust, with perpetuals volume hitting an all-time high of $43.8 billion, further cementing Solana’s role as a leading player in decentralized markets.
Solana’s on-chain revenue nearly doubled to $148M in August, with perpetuals volume hitting a record $43.8B. Source: Solana via X
From a price perspective, this kind of network performance often lays the groundwork for stronger bullish sentiment. When revenue, trading activity, and transactions all trend higher together, it signals growing adoption and confidence in the ecosystem. For SOL, that creates a supportive backdrop where investor demand can build more naturally, potentially helping price sustain its momentum and test higher resistance levels ahead.
Solana Price Testing Ichimoku Resistance
Solana’s weekly chart is shaping up to a critical point as price presses into the Ichimoku cloud resistance. Holding above $180 has kept the structure intact, but the cloud itself still poses a challenge. The weekly RSI is hovering in a neutral range, showing that momentum hasn’t yet fully tilted in favor of the bulls.
Solana’s weekly chart presses into Ichimoku cloud resistance, with a close above $180 potentially opening targets towards $200–$220. Source: Chad via X
Chad points out that a decisive weekly close above the cloud could flip the SOL outlook bullish, confirming strength beyond short-lived wicks. A successful push would open the path towards the $200 to $220 range, with the 0.786 Fib retracement acting as the next key marker.
Solana Price Setting Up for Short-Term Dip and Rebound
Solana is showing signs of a potential pullback before continuation, with price hovering just above $206. The chart structure suggests that the $206 to $204 zone could act as a short-term retest area, lining up with horizontal support from previous sessions.
Solana hovers near $206, with analyst Ali eyeing a short-term dip to $204 before a rebound towards $217 resistance. Source: Ali via X
Such dips within an uptrend often allow price to build a firmer base, especially when key support levels hold.
Analyst Ali highlights that if this retracement plays out, the next upside target sits near $217, a level that coincides with short-term resistance. Breaking above this band would confirm renewed strength and align with the broader trend leaning bullish
ETP Listing to be the Bullish Trigger?
Solana’s addition to Bitwise’s flagship crypto ETPs on the SIX Swiss Exchange is another sign of how far it has come. Being placed alongside Bitcoin and Ethereum gives SOL a stronger foothold in traditional finance, opening doors for more investors to gain exposure through regulated channels.
Solana secures a spot in Bitwise’s flagship crypto ETPs on the SIX Swiss Exchange. Source: Coin Bureau via X
This kind of recognition adds weight to Solana’s broader growth narrative. As institutional access expands, it not only validates SOL’s market position but also strengthens its long-term outlook. Combined with emerging bullish technicals, it builds a stronger case for an optimistic Solana Price Prediction.
Final Thoughts
Solana has managed to keep itself in the center of strong fundamentals with improving technicals. August’s performance wasn’t just simple numbers; it was proof that adoption is scaling, revenues are surging, and volumes are hitting new records. When a network shows this kind of resilience and expansion all at once, it often signals that the market is still underestimating its long-term potential.
At the same time, the Ichimoku cloud and short-term dip zones highlight that price action still has hurdles before fully confirming a new leg higher. If those levels flip, momentum could carry SOL into the $217 to $220 range and beyond.
