Solana is trading near key resistance, with ETFs, strong revenue, and on-chain support fueling debate over whether a breakout or pullback comes next.
Solana is once again catching the spotlight as the market watchers point to a possible breakout forming above the $210 to $215 resistance zone. After weeks of steady consolidation, both technicals and on-chain data suggest the stage may be set for a sharp move.
Solana ETF Expansion Reaches Central Asia
The latest development for Solana comes from Kazakhstan, where Fonte Capital has launched the first spot Solana ETF with staking on the Astana International Exchange. Offering investors exposure to SOL with an estimated 5.5%–7.5% staking yield, this ETF adds another entry point for institutions and retail to gain regulated access.
Solana secures its first spot ETF with staking in Kazakhstan, signaling wider institutional access and growing global adoption. Source: SolanaFloor via X
What makes this especially important is how Solana ETFs are starting to become a trend across different regions. Each new listing builds recognition for SOL as a legitimate asset class, attracting capital that might otherwise stay on the sidelines. If this momentum continues, the growing presence of ETFs worldwide could act as a major long-term trigger for Solana price prediction.
Solana Price Setting Up for Breakout
Building on the momentum from ETF announcements, Solana’s chart is also flashing strength on the technical side. Analyst Byzantine General highlights how SOL Solana price is consolidating inside an ascending triangle, with price repeatedly testing resistance near the $210 to $215 zone.
Volume and open interest are trending higher, showing that traders are actively positioning for a breakout. With Bitcoin holding its support levels, the setup adds further confidence that Solana price could be preparing for a strong move.
Solana price consolidates in an ascending triangle near $210–$215. Source: Byzantine General via X
On-chain data backs up the chart signals. Aggregated volume remains elevated while funding rates stay balanced, suggesting there isn’t excessive leverage in the system. Liquidations have relatively remained low. If Solana can push above the $215 resistance with conviction, the alignment of technicals and on-chain activity makes the case for a sustained rally towards higher levels.
$197.64 Emerges as Key Solana Support
Analyst Ali Martinez highlights $197.64 as the most important support level for Solana right now, based on realized price distribution data from Glassnode. A large cluster of volume sits at this level, showing that many market participants entered positions here.
Solana defends the $197.64 support, a key volume cluster identified. Source: Ali Martinez via X
That makes it a critical price floor, if SOL holds above it, the probability of sustained upside remains strong. Technically, this zone acts as the backbone of the current structure, giving participants confidence that the bullish trend is not easily shaken.
Looking at the bigger picture, this aligns with Solana’s recent resilience above $200 despite market volatility. The combination of ETF momentum, strong on-chain accumulation, and a clearly defined support base creates a compelling setup.
Solana Revenue Surges to $1.25B in 2025
Solana’s on-chain performance has been nothing short of remarkable this year. According to DeFi Dev Corp, the network has generated $1.25 billion in revenue so far in 2025, nearly 2.5x more than Ethereum. This makes Solana the top-performing blockchain in terms of revenue generation, underscoring both demand for block space and real network activity. On-chain data continues to validate what technicals have hinted at: Solana isn’t just riding speculative waves, it’s producing measurable results.
Solana tops blockchain revenue charts in 2025 with $1.25B generated, outperforming Ethereum. Source: DeFi Dev Corp via X
Contrary View: Caution for Solana Price
Not every analyst is aligned with the bullish Solana narrative. Slimm points to a possible breakdown forming on the chart, highlighting what looks like a head-and-shoulders pattern around the recent highs. The price has struggled to gain momentum past the $210 to $215 resistance zone, and a loss of the ascending support line could expose lower levels. The chart projection suggests a potential retest toward the broader demand zone near $175 to $180 if downside pressure builds.
Analyst Slimm warns of a head-and-shoulders setup on Solana’s chart, with risks of a drop toward $170–$175 if $197 support gives way. Source: Slimm via X
This contrarian take comes after strong on-chain performance, with Solana revenue already surpassing $1.25B in 2025. While fundamentals remain supportive, the near-term structure hints at caution. If Bitcoin falls or Solana fails to hold above $197, a deeper retracement could be in play.
Final Thoughts: Bullish Scenario or Bearish Outlook?
Solana’s position looks balanced between strong fundamentals and short-term caution. The launch of new ETFs, rising revenue, and the $197 support highlighted by analysts all strengthen the bullish case. These factors suggest that if price breaks above the $215 resistance, SOL could gain momentum for a meaningful rally. The combination of adoption and on-chain growth continues to give investors confidence that Solana is building long-term strength.
Still, the chart shows reasons to stay careful. If Solana fails to hold above $197 or loses its ascending structure, a deeper pullback towards $175 to $180 remains possible.