TLDR
- Solana (SOL) jumped 10.02% to $160.32 on May 8, reaching its highest level since March 3
- MEXC COO Tracy Jin predicts SOL could reach $180-$200 if current levels hold
- DeFi volumes on Solana network broke $800 billion in 2025
- Technical analysts noted a “textbook fakeout” pattern with SOL recovering after a 30% dip
- Some market forecasts suggest SOL could break past its all-time high of $294.33 by end of 2025
On Thursday, May 8, SOL jumped 10.02% to $160.32, marking its highest level since March 3. This surge came alongside news that DeFi volumes on the Solana network crossed $800 billion in 2025.
While over half of that volume came in January, continued strength in recent months shows sustained investor interest in the ecosystem.
Tracy Jin, COO of MEXC, told reporters that SOL could reach as high as $180 or $200 if it maintains current price levels.
“Solana’s current price action suggests a wide accumulation range that is often seen in assets transitioning from a growth phase into a more mature market position,” Jin explained.
Network Growth Driving Investor Interest
Jin believes there is a “fundamental shift” in how markets perceive Solana. The growth of its ecosystem, combined with relative weakness in Ethereum, is attracting institutional investors to SOL.
“Ethereum ETFs have bled more than $350 million year-to-date. Solana has been the dominant network among L1 and L2 chains in 2025, driven by the rise of platforms like Pump.fun, radium, and Axiom,” Jin noted.
The upcoming launches of Solana ETFs are expected to further boost its appeal to institutional investors.
As of May 9, Solana was trading at $149.76, up 2.14% over the previous 24 hours. Trading volume rose to $4.55 billion, representing growth of 53.61%.
The asset has appreciated by 0.70% over the last week, showing a steady upward trend despite some volatility.
Technical analyst AndrewGriUK recently identified what he called a textbook “fakeout” on SOL’s price chart.
#SOL Solana – CRYPTO:SOLUSD just pulled a classic fakeout! (Check chart above for in-depth analysis👆🏻) In the last 25 days, SOL plummeted -30%, shaking out many bulls before staging a full comeback. With strong horizontal support, bullish momentum is back, presenting fresh… pic.twitter.com/c14gBUe7Xw
— Andrew Griffiths (@AndrewGriUK) May 7, 2025
In the last 25 days, Solana fell by 30%, breaking below a key horizontal support area. This likely triggered stop-losses and discouraged retail investors before reversing course.
The subsequent rally was marked by heavy volume and a clean breakout over resistance levels, indicating a new uptrend.
Traders are now focusing on the $120 and $250 levels as key areas to monitor. The former represents confirmation of support, while the latter aligns with longer-term resistance levels.
Some analysts are even more bullish on SOL’s long-term prospects. Market forecasts suggest Solana could break the $329.94 barrier by the end of 2025, potentially surpassing its current all-time high of $294.33.
Solana $SOL chart looking strong…
Price tapped $164 in the overnight, approaching a major level of resistance at $170
The daily chart shows a breakout from a bull flag targetting $210🚀 pic.twitter.com/YvFqhRj6ef
— Trader Edge (@Pro_Trader_Edge) May 9, 2025
This optimistic outlook is tied to wider industry trends, particularly the expansion of blockchain technology in financial services.
Solana’s reputation for efficient and affordable transactions has positioned it as a leader in this evolving market.
Adding to potential catalysts, Robinhood is reportedly examining blockchain infrastructure options, including Solana, to help European retail investors trade tokenized US equities.
Though these discussions are preliminary, Solana’s inclusion as a contender reflects its growing reputation among blockchain networks.
If selected for this purpose, Solana would further cement its position at the center of the emerging financial ecosystem.
The most recent data shows SOL maintaining its price above $149, with growing trading volumes suggesting continued interest from both retail and institutional investors.
