Solana, the 7th-largest cryptocurrency with a reported market cap of over $51 billion, on Thursday, broke through a key resistance trendline. The bullish move has prompted crypto analysts to chart the digital asset’s short-term targets, with some forecasting a move to $100 cannot be ruled out.
Solana eyes the $100 target
In a Thursday X post, crypto analyst Lucky shared the following SOL daily chart, emphasizing that the digital asset successfully rebounded from a recent low of around $60. It has now cleared the descending trendline resistance around $83, suggesting further upside potential.
Although the cryptocurrency is still about 70 percent below its all-time high value of $293.3 – recorded in January 2025 – SOL is starting to show signs of life.
Speaking with The Coin Headlines, Deepankar Kapoor, Chief Growth Officer for Global Markets at eXchange1, a compliance-first digital asset marketplace, said:
“Here’s what most people are missing: Solana did approximately 160 million transactions in a single day, and the price barely moved. Sure, some of that is bots and memecoin noise, money moving back and forth without much real value behind it. But even after you strip that out, there’s something bigger happening underneath. Morgan Stanley has launched a Solana ETP, Solana’s real-world asset market has hit record levels, and the network recently led major chains in tokenized Treasury inflows. That’s a much more interesting signal than the daily price action.”
Data from crypto exchange-traded fund tracker SoSoValue corroborates Kapoor’s statement. The following table shows that U.S.-based spot SOL ETFs have recorded 8 consecutive weeks of net inflows, indicating strong interest in the digital asset.
Solana network seeing real adoption
As Kapoor stated, the Solana network is seeing an unprecedented growth in on-chain metrics. Earlier in the month, on August 3, Solana recorded 100 million daily transactions, placing it comfortably ahead of rival smart contract platforms.
Similarly, on August 6, Solana recorded an impressive 650 percent growth in the tokenized gold market on a year-on-year basis. The digital asset is also seeing developments in improving its tokenomics, indirectly aiding in strengthening the demand pressure on SOL.
