SOL traders expect $250, but Solana data sends mixed signals

Key Points

1. SOL briefly touched $205, outperforming the broader crypto market, but failed to hold the $200 threshold, with a market cap of $107 billion still below BNB's $117 billion.

2. Solana's network transactions increased by 41% over 30 days, while BNB Chain transactions declined by the same percentage, supporting SOL's price outlook.

3. SOL perpetual futures funding rate is at 12%, indicating bullish sentiment, but DEX volumes on Solana fell for the third consecutive week to $20.6 billion.

4. Solana's 30-day DEX volumes ($113.7B) were slightly below Ethereum's ($116.2B), not accounting for Ethereum's layer-2 ecosystem, which added $91.7B.

5. The REX-Osprey Solana staking ETF accumulated $161M in assets, while Ethereum ETFs recorded $2.33B in net inflows since August 5.