Solana Price Outlook: SOL Builds Momentum as Traders Watch $96 Target

What to Know

• Solana has gained 27% over the past month after rebounding from the $60 threshold.
• SOL has moved back above the $80 zone after breaking through resistance near $77.
• Trading volumes have increased 44% in the past 24 hours as the token rose nearly 2% to $82.
• Solana linked ETFs saw about $1 million in net outflows last month, after $115 million in net inflows in May.
• During the first 6 days of this month, Solana ETFs have recorded $11 million in net inflows.
• The Solana blockchain processed 1 billion transactions last week for the first time in its history.
• Application fees on Solana based decentralized apps fell to $5.8 million last week, the lowest level since December 2023.
• Weekly active users climbed to 5.3 million last week, an 18% increase from the previous week.
• Some technical traders are watching the 200 day exponential moving average near $96 as a possible upside target.

Solana Reclaims Attention After a Sharp Monthly Rebound

Solana has returned to the center of the altcoin conversation after posting a 27% gain over the past month, a move that followed a rebound from the $60 threshold. The advance has helped SOL stand out as one of the strongest large cap altcoin performers during the period, particularly after an earlier stretch in which the asset had been among the more heavily pressured names in the top 5.

The recovery matters because SOL had previously carried year to date losses of 50%, leaving it looking weaker than many comparable tokens. The recent rally has narrowed that gap, bringing Solana closer to the broader altcoin drawdown range, where many tokens have retreated around 30% in 2026. That shift does not erase the earlier damage, but it changes the tone of the market discussion around SOL.

For technical traders, the most important recent development is not simply the size of the rebound, but where it occurred. Market participants appear to have accumulated SOL around the $80 area after the token pushed through resistance. That zone is now being treated as a key battleground. If buyers continue to defend it, Solana could keep its short term bullish structure intact. If it fails, the rally may be viewed as a relief move rather than the beginning of a stronger trend.

Volume Jump Signals Renewed Short Term Interest

Solana’s latest price action has been accompanied by a notable increase in trading activity. Volumes have risen 44% in the past 24 hours, while SOL has gained nearly 2% to trade around $82. Rising volume during an advance can suggest that the move is attracting broader participation rather than relying only on thin liquidity or short lived speculation.

That said, volume alone is not a guarantee of sustained upside. In crypto markets, sharp increases in activity can come from both fresh buying and aggressive short term positioning. The key question is whether the recent participation continues while SOL trades above the $80 zone. A persistent bid near that level would strengthen the argument that buyers are building a base rather than chasing a single breakout candle.

The $77 area has also become important in the short term setup. SOL moved above that resistance level before reclaiming the $80 price zone, and some traders now view the former resistance as support. A long setup framed around $80 with risk placed below the $77 support area has been discussed by chart watchers because it could offer a favorable risk reward profile if the $96 target comes into play.

ETF Flows Show Signs of Stabilization

Institutional sentiment toward Solana has also become a key part of the market narrative. Last month, net inflows into exchange traded funds linked to Solana dried up, with investors pulling around $1 million from those vehicles. That represented a clear shift from May, when Solana linked ETFs recorded $115 million in net inflows.

The reversal raised questions about whether Wall Street appetite for SOL exposure had cooled, especially as broader altcoin volatility remained high. However, the early figures for this month suggest that interest may be stabilizing. During the first 6 days of this month, Solana ETFs have already brought in $11 million in net inflows.

Those inflows do not guarantee a lasting institutional rotation back into Solana, but they indicate that some investors may be willing to reenter at current price levels. ETF demand can influence sentiment because it offers a more familiar route for market participants who prefer regulated investment vehicles rather than direct token custody. In a market where narratives often shift quickly, renewed inflows can support the view that SOL is being reassessed after its recent rebound.

Record Transactions Add Complexity to the Solana Story

On chain data delivered a major milestone last week, as the Solana blockchain processed 1 billion transactions for the first time in its history. That headline figure reinforces Solana’s reputation as a high throughput network and may reflect increased micro payment activity across the chain.

However, the transaction milestone comes with important caveats. Higher transaction counts do not automatically mean healthier ecosystem economics. Solana based decentralized applications generated only $5.8 million in fees last week, marking the lowest level since December 2023. That suggests that activity may be skewed toward lower value interactions rather than higher fee generating usage.

The fee decline is substantial when compared with prior peaks. Application fees were down 89% from their 2026 weekly peak during the first week of February and down 98.5% from the all time high reached in January 2025, when President Donald Trump’s meme coin was launched. These figures show that while network usage remains active, the revenue profile of Solana based applications has weakened considerably from earlier highs.

This contrast is central to the current SOL debate. Bulls can point to record transactions and a recovery in token price. More cautious traders can point to lower application fees and question whether current on chain activity is producing enough economic value to justify a durable repricing. Both views can coexist, which is why the market is watching price confirmation closely.

Active Users Rise as Price Action Improves

Another supportive data point is the increase in weekly active users. Solana recorded 5.3 million weekly active users last week, an 18% increase from the prior week. In isolation, that suggests that more wallets or users interacted with the network during the same period when SOL’s price action began to look more constructive.

For market participants, user growth can be encouraging because it may indicate renewed attention to the ecosystem. In crypto, price rallies often draw users back to networks, while increased user activity can in turn reinforce the market narrative around a chain. The relationship is not always straightforward, but it often shapes short term sentiment.

Still, the active user increase must be weighed against the decline in fees. If more users are transacting but decentralized applications are earning less, the network may be experiencing broader but lighter activity. That is not necessarily negative, especially if micro payments are growing, but it means analysts will likely continue tracking whether user growth eventually translates into stronger fee generation.

Technical Traders Watch the $96 Area

From a chart perspective, Solana has improved after breaking an ascending triangle pattern and preventing a triple top from forming near $75 last week. That breakout helped shift momentum in favor of buyers and allowed SOL to reclaim the $80 zone after moving above resistance around $77.

Some chart watchers are now focused on a possible retest of the 200 day exponential moving average. That level currently sits near $96, which implies roughly 17% upside potential from the $80 entry zone discussed by technical traders. The setup depends on bullish momentum continuing and the $80 area holding as support.

The risk reward framing is also drawing attention. A long position near $80 with a stop below the $77 support area has been described by some traders as offering a 3x risk reward ratio if the price moves toward the $96 target. This type of setup appeals to technical participants because the invalidation level is relatively close to the entry, while the potential target is meaningfully higher.

Momentum indicators are also contributing to the bullish case. The Relative Strength Index has moved above 60, which many traders interpret as a buy signal when it occurs alongside a breakout and improving relative performance. That does not remove downside risk, but it supports the view that Solana’s momentum has strengthened compared with its earlier weakness.

What Could Confirm or Challenge the Bullish Case

The bullish case for Solana depends on several elements working together. Price needs to remain above the reclaimed $80 area, volume should stay constructive, ETF inflows need to avoid another sharp reversal, and on chain data should ideally show more than just high transaction counts. If these conditions improve together, the $96 level may become a more credible short term target.

The main challenge is that Solana’s ecosystem metrics remain mixed. The transaction record is impressive, but the decline in application fees shows that not all activity is equally meaningful from an economic perspective. Traders may be willing to overlook that if price momentum remains strong, but longer term investors could demand clearer evidence that activity is translating into sustainable value across decentralized applications.

For now, the market is treating SOL as a recovering altcoin with improving technicals and tentative signs of renewed institutional interest. The next major test is whether the token can defend the levels it has just reclaimed. If buyers continue accumulating near $80, Solana’s rebound could extend. If that zone breaks, the market may reassess whether the recent rally moved too far ahead of underlying fundamentals.

Frequently Asked Questions (FAQs)

Why has Solana gained attention recently?

Solana has gained attention after rising 27% over the past month and rebounding from the $60 threshold. The move has made SOL one of the stronger large cap altcoin performers during the period.

What price level are traders watching for Solana support?

Traders are closely watching the $80 area because SOL recently reclaimed that zone after breaking above resistance near $77. Holding above $80 could support the bullish technical setup.

What is the next upside target for SOL?

Some technical traders are watching the 200 day exponential moving average near $96 as a possible upside target. That would represent about 17% upside potential from the $80 entry area discussed by chart watchers.

How have Solana ETF flows changed?

Solana linked ETFs saw about $1 million in net outflows last month after recording $115 million in net inflows in May. During the first 6 days of this month, they have recorded $11 million in net inflows.

Did Solana reach a new transaction milestone?

Yes. The Solana blockchain processed 1 billion transactions last week for the first time in its history, a milestone that may reflect higher micro payment activity.

Are Solana ecosystem fees improving?

No. Solana based decentralized applications generated $5.8 million in fees last week, the lowest level since December 2023. Fees were also down sharply from prior peak levels.

What does the increase in weekly active users mean?

Weekly active users rose to 5.3 million last week, an 18% increase from the previous week. This may indicate renewed interest in the network, although fee data remains weak.

Is Solana’s breakout guaranteed to continue?

No. The setup is constructive, but it depends on SOL holding key support levels and maintaining momentum. A break below the recently reclaimed support area could weaken the bullish case.

Photo by Simão Moreira on Pexels