Solana Market Analysis: $2.8B Revenue Milestone Fuels Bullish Case Despite Recent Pullback
Solana (SOL) slipped to $221 at press time, down 3.9% within the final 24 hours after failing to carry above $230. The transfer follows a fast retrace from this week’s $238 high and a break under the 100-hour MA close to $225.
Near time period, merchants are watching $218–$212 as the primary help band (deeper bids close to $210–$215), whereas $230–$235 caps rebounds, with a heavier $245–$250 provide zone above.
If bulls reclaim $230 on robust quantity, momentum might re-target $245; a each day shut under $212 dangers a slide towards $200. Despite the dip, SOL continues to print higher-lows on the multi-week development, holding the broader uptrend viable.
$2.8B Annual Solana Revenue Supports Fundamental Strength
Beyond value, Solana’s fundamentals are flashing inexperienced. A brand new analyst report tallies $2.85 billion in annualized on-chain income over the previous 12 months, $240 million per thirty days on common, peaking at $616 million in January in the course of the memecoin frenzy.
Trading platforms are the flywheel, contributing 30% ($1.12B), with apps like Photon and Axiom at occasions producing $260M in a single month. Thanks to sub-$0.01 charges and high throughput, Solana’s income run-rate has outpaced Ethereum’s early-cycle trajectory and coincides with 1.2–1.5 million each day energetic addresses.
DeFi metrics again the story; $13B TVL, 6x YoY progress in stablecoin volumes, and >$500M in tokenized RWA exercise sign of sturdy, non-speculative utilization. Upcoming efficiency upgrades (e.g., Firedancer) intention for dramatic latency and throughput beneficial properties, reinforcing the community’s moat for high-frequency DeFi.
Institutional Access, SOL ETFs, and the This fall Setup
Institutional participation can be increasing on a number of fronts. Public steadiness sheets reportedly maintain $4B in SOL, whereas staking-enabled belief merchandise and pending U.S. spot SOL ETF applications (from issuers together with Fidelity, VanEck, Grayscale, Franklin Templeton, 21Shares, and Bitwise) might unlock the subsequent leg of demand.
Several filings face October deadlines, and prediction markets handicap a really high chance of approval by year-end. In the close to time period, value might stay uneven as leverage resets throughout crypto, however Solana’s income scale, person progress, and pipeline of upgrades present a sturdy backdrop.
For merchants, the roadmap is simple: maintain $218–$212 to protect the bullish construction; flip $230, then $245, to revive momentum. For long-term buyers, the multi-billion-dollar income milestone and rising institutional rails hold the $300+ debate alive as soon as threat urge for food returns.
Cover picture from ChatGPT, SOLUSD chart from Tradingview
