Will SOL rally to $200?

Solana, Ethereum’s most significant rival, leads among cryptos with the highest dApp (decentralized application) revenue.

In June, Solana clocked over $146 million in revenue from decentralized applications in its ecosystem. Solana has consistently led in dApp revenue and metrics, outpacing Ethereum and BNB. 

Solana vs. Ethereum comparison

The two competing smart contract platforms have rivaled each other’s performance in metrics like DEX volume, revenue collected from dApps, TVL and DeFi dominance since mid 2024. 

Data from TheBlock shows that Solana (SOL) has maintained its dominance in DEX volume, with the largest share of Solana-based DEXes in the ecosystem, since October 2024. The trend continues into 2025 and while data for July is incomplete, Solana continues to lead with $5.78 billion, against Ethereum’s (ETH) $4.7 billion. 

Solana leads in the fees collected by the two blockchains, from dApps and protocols running on their platforms.

Data from TheBlock shows that Solana has consistently beaten the Ethereum chain in transaction fees since November 2024, until June 2025. 

Solana clocked $146 million in revenue from dApps in June 2025, consistently outperforming competitors for over a year.

Revenue from decentralized applications represents 41% of Solana chain’s revenue and the number is relatively high when compared to Ethereum and BNB, key competitors in the decentralized ecosystem. 

Solana price analysis

Solana is currently consolidating above the $140 support on the daily timeframe. The SOL/USDT chart shows that a 15% rally could send SOL to test resistance at R1, $170. 

Solana could sweep liquidity at the $140 support if there is a correction. The next two key resistances are the psychologically important level at $200 and R2 at $218.40, a noteworthy resistance for SOL that has been in place for nearly sixteen months. 

The two key momentum indicators, RSI and MACD, support a thesis of further gains in Solana; there is an underlying bullish momentum in the SOL price trend. 

A daily candlestick close above the $150 level could confirm the bullish breakout. Conversely, Solana could sweep liquidity under the $148 level over the weekend. 

Solana ecosystem updates

Bitcoin trade volume on Solana reached a new quarterly high in the second quarter of 2025, making the chain more relevant to BTC holders and traders compared to competitors like Ethereum. The smart contract blockchain recently announced the winners of its hackathon, Colosseum, through an official tweet on X:

https://twitter.com/solana/status/1940437687120593264?ref_src=twsrc%5Etfw” target=”_blank

The smart contract chain recently shared an estimate of how Visa and Mastercard could save 99% on the cost of transactions if they process on Solana’s blockchain, proving a use case and fueling a bullish sentiment among holders. 

https://twitter.com/solana/status/1940815258215653485?ref_src=twsrc%5Etfw” target=”_blank

Ryan Lee, Chief Analyst at Bitget Research, told crypto.news in an exclusive interview: 

“Solana, buoyed by its expanding DeFi and NFT infrastructure and potential for staking ETF inclusion, could reach $400–$500 under bullish conditions, though broader market risks may cap gains closer to $300–$350. As always, investors should exercise caution and diligence amid persistent crypto volatility.”

Lee maintains a bullish outlook on the Ethereum competitor heading into the third quarter of 2025.