$SOL Price Eyes $180 After Breakout: Is Solana Becoming the Internet’s Capital Market?

$SOL Ethereum

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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Last updated: 

May 7, 2025

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Solana ($SOL) has returned to green across all time frames, riding the wave of a broad crypto market surge. Over the past 24 hours, $SOL has gained 5.11%, pushing its 30-day return to an impressive 42%.

This latest price rally is supported by a major spike in trading volume, which has jumped 74.5% within the same 24-hour period. Over $5.3 billion worth of $SOL was traded— a level last seen in April when the asset dipped below $100 before rebounding above $140.

Solana Tops DEX Charts Again to Outpace Ethereum

Solana’s recent market strength isn’t unexpected. In April, it retained its title as the top blockchain for monthly decentralized exchange (DEX) volume for the seventh straight month, handling twice the volume of Ethereum’s mainnet.

According to DefiLlama, Solana continues to lead in network activity. In the last 30 days, its active address count rose by 28.84% to 3.21 million, nearly 10 times Ethereum’s count, and second only to Tron, which has 2.54 million.

Solana also tops blockchain revenue charts, generating over $7.9 million in app revenue in just 24 hours. For comparison, Ethereum and Hyperliquid posted $1.1 million and $1.64 million, respectively.

A major contributor to this revenue is Pump.fun, which now ranks as the third-highest-earning protocol in crypto, behind only Tether and Circle.

In April, Solana’s dApps generated over $162 million in revenue. Other major earners include Axiom Exchange, which earned over $33 million, and Phantom Wallet, which earned more than $15 million.

Global Builder Adoption: Developers from Over 138 Countries Choose Solana

On May 2, the Solana Foundation shared that developers from over 138 countries are now building on the network, representing more than 65% of the world’s nations.

Consumer-facing applications on Solana are gaining real traction. Ondo Finance recently expanded its tokenized real-world asset (RWA) bridge to Solana via LayerZero.

Similarly, DeFi veteran 1inch launched its DEX aggregator on the network, tapping into $7 billion in liquidity and offering users new trading avenues.

The Solana ecosystem is being actively supported through a wave of hackathons, startup programs, and conferences to make the network a hub for builders, users, and the future of internet-based capital markets.

Stablecoins are also flourishing on Solana. Since the beginning of 2025, over $5 billion in stablecoins, primarily from Circle, have been issued on the network, marking a 154% increase year-to-date.

SOL Price Analysis: Breakout Targets $165–$180 Range

The 4-hour chart for $SOL/$USDT reveals a strong bullish breakout from a descending channel, marking the end of a consolidation phase.

Price action shows that $SOL successfully broke above the upper trendline of the falling channel, confirming a reversal pattern.

The breakout has propelled the price to around $154.63, and it’s now trading above key Ichimoku levels, including the Kijun-sen ($149.98) and Tenkan-sen ($149.16), as well as above the cloud (Kumo).

The transition from below to above the cloud often marks a shift from bearish to bullish bias on the Ichimoku system.

The chart also contains a projected upside target of $165–$180, which appears achievable if the current buying volume is sustained.

This range corresponds to a previous resistance zone or Fibonacci extension level. However, any decline below the cloud could indicate a failed breakout and warrant caution.