Solana (SOL) is showing renewed bullish momentum as its technical structure improves and buyers regain control. Growing real-world asset (RWA) adoption and strong network activity further reinforce the blockchain's expanding ecosystem, while upcoming upgrades could enhance performance and support broader long-term adoption.

At the time of writing, SOL is trading at $104.93 with a 24-hour trading volume of $3.45 billion and a market capitalization of $61.51 billion, according to CoinMarketCap. The price has declined by 1.61% over the last 24 hours.

Solana Price Breakout Puts $478 Target Into Focus

Crypto analyst Kripto Uzman revealed that the Solana price could be setting the stage for a major upside move as its weekly chart develops a falling wedge pattern. The formation typically appears during periods of consolidation, with price creating lower highs and lower lows while the trading range gradually contracts. A breakout above resistance could signal that sellers are losing control and buyers are returning.

The technical setup has fueled expectations of a potential move toward $478 if the Solana price successfully escapes the wedge and sustains momentum. The target remains a projection rather than a guaranteed outcome. Traders will likely monitor the breakout level, trading volume, and follow-through closely, as strong confirmation could considerably strengthen the bullish case.

Bollinger Bands and EMAs Point to Upward Recovery

According to TradingView chart analysis, SOL displays a strong bullish breakout from a multi-month consolidation around $74–$78. A sharp late-August momentum surge pushed the price up to a local high near $111 before mild profit-taking settled it around $104.89. SOL remains in a firm uptrend, trading well above its 20-, 50-, 100-, and 200-day EMAs.

Volatility has widened, pushing the price toward the upper Bollinger band. Resistance is located around the top of the Bollinger Band at $111.96, while the 20-day EMA ($98.44) and the middle band ($99.90) provide primary support. A Solana price above $98 indicates the trend remains very bullish, while a move below $91 points to a potential pullback toward the averages.

Solana RWA Ecosystem Reaches New Milestone

Market watcher Capital Markets pointed out that the Solana RWA marketplace has hit another milestone, with more than 400,000 holders of RWAs recorded on the Solana platform. That figure marks a significant increase compared with fewer than 10,000 holders back in January 2025.

The rapid growth highlights Solana's growing importance in tokenized finance, driven by the network's high throughput and comparatively low transaction costs. It comes as tokenization of real-world assets has become one of the most actively pursued use cases across the blockchain industry, with major financial institutions experimenting with bringing treasuries, funds, and other traditional instruments on-chain. As more people become familiar with tokenized treasury securities, stocks, credit, and other asset types, the holder base could expand further, potentially bringing more assets on-chain.

Solana Hits 5 Billion Transactions in August

Data from Solana Daily highlighted that Solana recorded more than 5 billion transactions in August, demonstrating the blockchain's capacity to process huge volumes of on-chain activity. Solana claims that its monthly transaction count exceeds that of all other blockchain networks combined. The rate amounts to more than 100,000 transactions per minute at low costs to users.

The network could become even faster with the anticipated Alpenglow upgrade, expected to be released in October. The update is set to reduce confirmation time to roughly 400 milliseconds, down from the current approximately 12 seconds. The upgrade could make Solana even more attractive for use cases in DeFi, trading, payments, and gaming, where sub-second finality is a key requirement for competitive performance.

What Comes Next for Solana?

The future direction of the Solana price will depend on whether SOL maintains critical support levels and breaks out of its current pattern. Increased volume, growing adoption of RWA tokens, high network activity, and progress on Alpenglow could strengthen bullish sentiment. Failure to hold key support levels could lead to a larger retracement.

This article contains market analysis and price projections. These are not guarantees. Crypto markets are volatile, and readers should always conduct their own research. This is not financial advice.