Solana Price Prediction: SOL Breaks Through the First Stage of the Rising Trend, Long Positions Challenge the New Milestone of 300 USD

Solana (SOL) continues to show strong momentum this week, reporting a temporary price of $203 during the Asian early trading session today (23rd), strongly breaking through the first phase of the rising trend. According to data from on-chain and social indicators company Santiment, this pump has sparked "great interest" in the altcoin, and the price of SOL could exceed $300 and enter a new price discovery phase.

The dominance of Solana in social media has reached its highest point in seven weeks, with 8.9% of social media discussions revolving around Solana. With the rise in adoption, developer activity has also reached its highest level in two months.

(Source: Santiment)

This viral propagation momentum is largely attributed to the resurgence of speculative demand since early July, leading to a 31% surge in the price of Solana-based meme coins.

The fears and uncertainties (FUD) surrounding geopolitical and macroeconomic factors have largely dissipated, replaced by a wave of regulatory momentum supporting cryptocurrencies, continuing to unleash marginal capital for riskier investments.

With the "GENIUS Act" now signed into law, and the "CLARITY Act" expected to be signed in October, the bullish catalysts have far surpassed the "Cryptocurrency Week," laying the groundwork for continued rises.

Solana Price Analysis: Is SOL About to Reach 500 USD?

200 USD may just be the first stage of the Solana rise trend, having broken through the ascending triangle formed since the market bottomed out in mid-April.

Despite this breakthrough suggesting that Solana will rise by 47% and retest its previous all-time high around $297.50, early signs of buyer fatigue are starting to show.

The RSI is currently at a high of 80, well above the overbought threshold, which is usually a precursor to a recent pullback, as buying momentum is weakening.

Nevertheless, the MACD line continues to expand above the signal line, emphasizing that despite some friction, the broader rise trend remains intact.

(Source: Trading View)

Profit-taking may trigger a pullback to the current support level of $185, re-testing the upper boundary of the pattern to rule out false breakouts and find a stronger foundation for continued upward movement.

The cooling is consistent with the current market narrative, as major catalysts like the spot SOL ETF decision or the final CLARITY bill action may not emerge until October.

When they do this, this bullish fundamental setup may trigger the next wave of demand, releasing previously untapped traditional financial demand and enhancing institutional appeal through a clear regulatory framework.

The price of Solana may exceed $300 and enter a new price discovery phase, with the next key milestone set at $500.