Solana Market Analysis: $2.8B Revenue Milestone Fuels Bullish Case Despite Recent Pullback

Solana (SOL) slipped to $221 at press time, down 3.9% in the last 24 hours after failing to hold above $230. The move follows a quick retrace from this week’s $238 high and a break below the 100-hour MA near $225. Near term, traders are watching $218–$212 as the first support band (deeper bids near $210–$215), while $230–$235 caps rebounds, with a heavier $245–$250 supply zone ￰0￱ bulls reclaim $230 on strong volume, momentum could re-target $245; a daily close below $212 risks a slide toward $200. Despite the dip, SOL continues to print higher-lows on the multi-week trend, keeping the broader uptrend viable. $2.8B Annual Solana Revenue Supports Fundamental Strength Beyond price, Solana’s fundamentals are flashing green.

A new analyst report tallies $2.85 billion in annualized on-chain revenue over the past year, $240 million per month on average, peaking at $616 million in January during the memecoin ￰1￱ platforms are the flywheel, contributing 30% ($1.12B), with apps like Photon and Axiom at times generating $260M in a single ￰2￱ to sub-$0.01 fees and high throughput, Solana’s revenue run-rate has outpaced Ethereum’s early-cycle trajectory and coincides with 1.2–1.5 million daily active ￰3￱ metrics back the story; $13B TVL, 6x YoY growth in stablecoin volumes, and >$500M in tokenized RWA activity signal of durable, non-speculative ￰4￱ performance upgrades (e.

g., Firedancer) aim for dramatic latency and throughput gains, reinforcing the network’s moat for high-frequency ￰5￱ Access, SOL ETFs, and the Q4 Setup Institutional participation is also expanding on multiple ￰6￱ balance sheets reportedly hold $4B in SOL, while staking-enabled trust products and pending ￰7￱ SOL ETF applications (from issuers including Fidelity, VanEck, Grayscale, Franklin Templeton, 21Shares, and Bitwise) could unlock the next leg of ￰8￱ filings face October deadlines, and prediction markets handicap a very high probability of approval by ￰9￱ the near term, price may remain choppy as leverage resets across crypto, but Solana’s revenue scale, user growth, and pipeline of upgrades provide a sturdy ￰10￱ traders, the roadmap is straightforward: hold $218–$212 to preserve the bullish structure; flip $230, then $245, to revive ￰11￱ long-term investors, the multi-billion-dollar revenue milestone and rising institutional rails keep the $300+ debate alive once risk appetite ￰12￱ image from ChatGPT, SOLUSD chart from Tradingview