Key Insights:
- Solana price may rally with revenue nearly doubling year-over-year to $148 million in August.
- Perpetual futures volume reached a record $43.8 billion last month.
- The Solana price faced Ichimoku resistance with short-term support near $200.
Solana entered September by challenging important resistance levels after a surge in August metrics. On-chain growth, record derivatives activity, and institutional listings highlighted the network’s momentum.
Analysts said the Solana price was approaching technical thresholds that could define its next move.
Solana Price Supported by On-Chain Strength
Data from August showed Solana’s ecosystem expanding at a rapid pace. Application revenue rose to about $148 million, nearly double the level from the same month a year earlier.
This figure outpaced competing networks and underscored the growing adoption of decentralized applications built on Solana.
Trading activity also advanced significantly. Perpetual futures tied to SOL recorded an all-time high volume of around $43.8 billion.
Analysts said this surge reflected deeper liquidity and stronger demand for leveraged exposure to Solana.
Together, higher revenues and trading volume suggested that more users and institutions engaged with the network. Having said that, many expect these developments to help boost the Solana price in the coming days.
Meanwhile, analysts often view these metrics as a base for sustained sentiment. When revenue, transactions, and volume all expand in the same period, it can provide a backdrop where investor confidence grows naturally.
For Solana, this environment supported demand for SOL while the SOL price tested upper resistance zones.
Solana Price Tested Ichimoku Resistance
The weekly chart showed the Solana price trading into the Ichimoku cloud resistance. The Ichimoku cloud is a technical indicator that highlights potential support and resistance areas based on averages of past highs and lows.
Holding above $180 kept the broader structure intact, yet analysts said the cloud overhead continued to challenge momentum.
At press time, the weekly relative strength index (RSI) was in a neutral range. Analysts explained that this suggested no clear dominance between bulls and bears.
A close above the cloud on the weekly timeframe would mark a stronger bullish signal, according to traders.
If such a breakout occurred, analyst Chad_Ventures projected upside levels to $220. The 0.786 Fibonacci retracement level, calculated from a previous downswing, was identified as a marker in that range.
Analysts noted that only a decisive close above the cloud could confirm this scenario.
Institutional Access Strengthened Outlook
Beyond technical setups, institutional recognition added another layer to Solana price performance in recent weeks.
SOL was listed in Bitwise’s flagship crypto exchange-traded products (ETPs) on the SIX Swiss Exchange. This placed SOL alongside BTC and ETH, offering regulated access to investors seeking diversified exposure to digital assets.
Analysts said such inclusion marked progress for Solana in traditional finance. Regulated products open the door for funds and institutions unable to trade tokens directly. By expanding accessibility, Solana strengthened its position in the broader market.
The Solana price traded near $203 while short-term support formed in the $200 to $206 zone. Analysts noted this range aligned with previous horizontal levels on the chart.
Temporary pullbacks into this area could allow the market to build a stronger base before retesting resistance.
If the Solana price rebounded from this zone, near-term targets were set around $217, where short-term resistance was identified.
Outlook Pointed to Critical Levels Ahead
Analysts concluded that Solana combined improving fundamentals with cautious technical conditions. August data showed expanding revenue, record derivatives activity, and institutional adoption. These factors suggested that Solana continued to grow in both user activity and market presence.
At the same time, the Solana price faced immediate hurdles. The Ichimoku cloud resistance and the $217 short-term band represented areas that needed confirmation.
Analysts said a decisive move beyond these thresholds would strengthen the bullish outlook. Until then, Solana’s performance remained tied to whether its recent momentum could sustain through technical resistance.