Solana Price Jumps Past $206 as Speculation and ETF Buzz Fuel Rally

Solana price has staged an impressive rally, chugging up 12.82% to $206.70. Its valuation now stands at $112.02 billion, while the intraday trading volume has exploded 157.88% to $11.93 billion. With prices ranging between $177.47 and $205.20 in the last day, Solana’s recovery is drawing both retail and institutional interest.  With the token trading just 30% below its all-time high of $294.33, marketers are curious about SOL price future.

Key Reasons Behind the Surge

The launch of Kanye West’s YZY token on August 21 created a frenzy on Solana’s network. The YZY token spiked 6,800% to $3.16 before retracing to $1, generating $386 million in daily trading volume. This fueled a 139% jump in network activity and boosted Solana’s TVL by 25% to $15.3 billion.

On the institutional side, Tidal Trust II filed for a 2x leveraged Solana ETF on August 21. While regulatory approval could take longer than for Bitcoin or Ethereum products, the move validates growing institutional interest. With 70% of SOL’s supply currently staked, the limited liquid supply could magnify future price swings as demand increases.

Solana Price Analysis

SOL price has broken decisively above its 50-day simple moving average at $180 and cleared a key Fibonacci resistance at $197, setting off a technical rally. The MACD histogram flipped positive at +0.33, confirming bullish momentum, while the RSI at 63.54 shows room to run before overbought territory.

The breakout above $193 triggered algorithmic buying, as reflected by a 24-hour funding rate of +0.01%, the highest in 30 days. SOL now faces immediate resistance at $209.67, the August 21 swing high, followed by a stronger barrier at $236. Key support levels are at $176.69 and $146.52.

If bullish pressure continues, SOL price could test $209 in the near term and possibly extend toward $236. However, traders should be cautious, as leveraged long positions and concentrated staking may increase volatility during pullbacks.

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