Solana’s SOL Price Surges to $205 Amid Speculation of $250, But Caution Prevails: Onchain Growth Supports Rally, But Declining DEX Market Share Raises Concerns

Solana's native token, SOL, surged to $205 after an 18% rally, prompting speculation about reaching $250. However, data signals caution as factors for sustained highs seem lacking. Onchain growth supports the rally but declining DEX market share hints at wary traders. Perpetual futures funding rate is muted, suggesting limited bullish momentum. Onchain activity for Solana is growing, but Solana's network fees are up, indicating increased usage. While SOL outperformed the market, there are concerns over the sustainability of the rally. Traders are hesitant due to recent past volatile price movements and declining DEX volumes. Despite potential, reaching $250 may require increased retail and institutional interest, with a possible catalyst being SEC approval for a Solana ETF.

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