Solana Price Eyes $300 as dApp Revenue Hits $50M—Outpaces All Crypto Networks

Solana (SOL) is trading lower on May 13, yet technical and on-chain data support a possible upward breakout. The Solana price has dropped from an intraday high of $180 to trade at around $171. However, analysts continue to monitor the asset for signs of a breakout to a new high near $300. According to DeFiLlama, Solana’s decentralized application (dApp) ecosystem generated over $50 million in revenue in one week, surpassing all other blockchains.

Solana Price Eyes Breakout as Technical Patterns Remain Bullish

The Solana price is in an ascending parallel channel on the daily chart. The price recently has been rejected at the upper resistance and as of now is hold support at the channel’s midline. This pattern indicates a bullish formation that may continue to rise if buyers resume powers.

There is also a golden cross being created as the 20-day exponential moving average (EMA) increases with the 200-day EMA. An X of such trend lines is usually an indication of the existence of continued upward momentum. In case this formation is finished and the price breaks the $177 resistance level, bulls might push the price of SOL to its old all-time high of $296.

Relative Strength Index (RSI) is also nearing the zone of overbought level, which is already at 69. This means high buying strength, which is likely to take the Solana price over $200 in the near term.

Solana dApp Revenue Surges to $50M, Leads Layer 1 and 2 Networks

Data from DeFiLlama shows that Solana’s dApp revenue hit $50 million last week. The network’s dominance reached 51.6%, which is over three times higher than Ethereum’s 14.23%. This makes Solana the top-performing blockchain in dApp-generated revenue across all layer 1 and layer 2 ecosystems.

According to DappRadar, dApp volume on the Solana network rose by 50% in the last seven days, reaching $1.61 billion. Weekly transactions totaled $138 million. Analysts link this growth to a rise in meme coin activity, which has driven user engagement and transaction counts across the Solana ecosystem.

This consistent revenue growth reflects increased utility, which may help stabilize the Solana price. It also provides confidence to developers and investors who are looking for blockchain platforms with strong user activity.

Open Interest on Solana Futures Hits Multi-Month High

Solana open interest recently reached $6.92 billion, according to Coinglass. This is the highest level since late January.The metric is the total number of active futures contracts and the measure of market strength.

The fact that open interest keeps increasing is an indication that the traders are very confident. In spite of the current pullback in prices, a lot of people are preparing for more gains. When the open interest is high with the price stable, it is very likely to be an accumulation and may provoke volatility when a breakout happens.

$200 is the next major resistance according to the technical analysts. A breach above the level may RE-accelerate the move to $300.

Solana Price Forecast: Analysts Watch Key Resistance Levels

Although the price of Solana is volatile, there are several things indicating a bullish trend. The confluence of excellent network performance, technical cues and increasing open interests as formed an ideal setting for a sustained move-up.

Source: CoinMarketCapIf the price breaks the line of resistance above $180 and keeps the bullish momentum going, the future goals will be $200 and $296. It might validate the bullish thesis and hold the ground for another fresh all-time high.

Solana remains the leader in dApps adoption and price gains as well, indicating strong underlying market forces behind the price action. Investors will be on their eyes peeled for a definitive move that indicates the next stage of growth.