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- Solana’s network now hosts a record $15 billion in stablecoins, along with rising dominance in the RWA tokenization space.
- The REX-Osprey SOL + Staking ETF (SSK) has amassed $404 million in assets, pushing the SOL price even higher.
Solana’s native cryptocurrency SOL has been showing strength once again as the SOL price eyes a breakout past $235, for a sustained rally upside. Some of the key catalysts supporting the Solana rally are the strong stablecoin growth and rising inflows into the staking Solana ETF.
With SOL seeing a sharp 150% upside from 2025 lows of $125 in April, analysts are now expecting a strong breakout ahead.
Solana Price Eyes Strong Breakout Past $253
On the daily chart, Solana (SOL) has staged a notable rebound in recent days after hitting a low of $190 on September 26. This level coincided with the lower boundary of an ascending channel, triggering a sharp recovery.
SOL has since climbed above both its 50-day and 100-day Exponential Moving Averages (EMAs), signaling renewed bullish momentum. The price is now approaching the upper boundary of the ascending channel near $253.
Popular crypto analyst Laxman noted that SOL price needs to have a decisive breakout past $253 resistance to pave the way for further upside. According to the analyst, a sustained move above this threshold could trigger a strong bullish continuation, with Q4 price targets set at $352 and $424.
Laxman added that while SOL’s price action remains strong, the “real action” is expected within the broader Solana ecosystem, where new projects and tokens are emerging. Speaking on the development, popular analyst Ted Pillows stated:
BTC and ETH have been in a strong uptrend since the April bottom. SOL has also performed well but has lagged overall. It’s still down 20% from its ATH despite BTC hitting a new ATH. I think Solana will outperform both Bitcoin and Ethereum later in this cycle once they tops out.
Key Developments Taking Place Within the SOL Ecosystem
Stablecoin expansion and institutional interest continue to drive bullish momentum for Solana (SOL). According to data from DeFi Llama, the total stablecoin supply on the Solana network has surged to an all-time high of $15 billion, rising sharply from a year-to-date low of $5.4 billion.
USD Coin (USDC) leads with more than $10.76 billion in assets, followed by Tether (USDT) with $2.45 billion, and PayPal USD (PYUSD) holding $614 million. Additionally, the Solana blockchain dominates the Real World Assets (RWA) sector with $13.5 billion in tokenized assets, primarily in stablecoins, as reported by CNF.
Another key driver for SOL’s performance is the REX-Osprey SOL + Staking ETF (ticker: SSK), which has seen assets under management climb to $404 million since its launch in July. Bitwise CEO Huntery Horsley believes that Solana could lead the staking ETF market, as mentioned in our previous story.
The strong inflows underscore growing institutional confidence in Solana and its staking ecosystem. Market observers say this trend mirrors the broader institutional demand for SOL.
