Solana Hits $205, But Mixed Signals Undermine $250 Target

- Solana's token SOL surged 18% this month, briefly reaching $205. - On-chain growth contrasts with neutral sentiment and shrinking DEX market share. Solana's native token, SOL, touched $205 on August 13, 2025, after an impressive 18% rally this month; however, mixed market signals challenge its momentum toward the $250 level. The blockchain’s on-chain activity has been robust, as transaction counts rose by 48% and network fees increased by 43% over the past 30 days, reflecting greater usage. According to a Cointelegraph report on August 13, Solana’s transaction growth contrasts sharply with BNB Chain, which saw a 41% drop in activity during the same period. Despite these encouraging on-chain metrics, trader sentiment remains reserved, with the annualized funding rate for SOL's perpetual futures holding steady at a neutral 12%. Meanwhile, activity on Solana's decentralized exchange (DEX) landscape has declined for three consecutive weeks. Its 30-day trading volume reached $113.7 billion, slightly trailing Ethereum's $116.2 billion, while Ethereum’s layer-2 networks contributed another $91.7 billion, further strengthening its lead. Additionally, while a recently launched Solana staking exchange-traded fund (ETF) attracted $161 million in assets under management, this figure pales in comparison to Ethereum’s ETFs, which recorded $2.33 billion in net inflows since August 5. Although the ETF creates a new institutional gateway, its impact has not been substantial enough to fuel further bullish momentum for SOL. Cointelegraph concluded that Solana lacks the strong drivers and sustained market optimism to confidently target $250, even though another rally is possible. As of 00:42 UTC on August 14, 2025, Solana (SOL) was trading at $202.88, with its 24-hour trading volume up by 4.58%, according to CoinMarketCap.