New investors are "rushing" to join the battle, this time will Solana (SOL) go straight to 500 USD?

Solana has once again risen to conquer the 200 USD mark after recording an increase of nearly 13% in the past week. Although the upward momentum did not last and the price has slightly adjusted down to 197 USD, this bounce is still a clear testament to the strong return of confidence from investors.

In the context of the entire market transitioning into a growth cycle, the technical signals on the daily frame indicate that SOL still has the potential to break through and maintain the 200 USD mark – thereby igniting hopes for a new acceleration phase.

New buyers boost the rise of Solana

The RSI index of SOL on the daily chart is reinforcing the bullish outlook, as at the time of writing, this indicator stands at 61.32 - still below the overbought threshold, indicating that there is still room for growth.

The RSI index of SOL | Source: TradingViewRSI is a measure of the strength of price trends, ranging from 0 to 100. When RSI exceeds 70, the asset is often considered overbought and may correct downwards; conversely, below 30 indicates an oversold state, potentially signaling a rebound. At the current level, the RSI of SOL shows that the upward momentum remains intact, while reflecting the growing confidence of investors. The steady increase of this index is a sign that buying pressure is not yet exhausted and the price of SOL may continue to rise.

Alongside this, data from Glassnode shows that new demand for SOL has surged over the past 14 days. Specifically, the number of new wallet addresses that have made their first SOL transaction has increased by as much as 51% since August 3rd. This explosion indicates that new capital is flowing strongly into the market, bolstering investor confidence and laying the foundation for SOL to maintain or even expand its upward momentum in the upcoming period.

SOL: Number of new addresses | Source: Glassnode## SOL price prediction

Market confidence in Solana has been significantly strengthened this week, as the price crossed the $200 mark for the first time since February. Over the past 30 days, SOL has increased nearly 21%, coinciding with the kickoff of the altcoin season.

The excitement comes not only from Solana – Ethereum (ETH), its biggest competitor, has also surged close to 5,000 USD, indicating that capital is strongly shifting towards the altcoin group. At the same time, the total market capitalization of crypto has climbed to 4.2 trillion USD.

Another noteworthy signal is that the REX-Osprey Solana + Staking ETF (SOL) has increased its total assets under management (AUM) to 182 million USD. If FOMO sentiment spreads, buying pressure through this channel could push the price of SOL straight up to 250 USD or higher. Liquidity is currently abundant, with a 24-hour trading volume reaching 13 billion USD – equivalent to nearly 13% of the circulating supply. History shows that whenever the volume exceeds 10 billion USD, SOL usually quickly returns above 200 USD.

Technically, the daily chart shows profit-taking pressure after SOL hit the resistance level of 209 USD. This could be a phase where investors reduce their positions, opening up opportunities for late buyers to accumulate at lower price levels. A slight pullback around 190 USD could be an ideal rebound point, helping SOL target the previous peak of 294 USD, and then extend the rally to around 500 USD.

SOL Price Chart 1 Day | Source: TradingViewWith this scenario, SOL has the potential to increase by up to 180% in the next 3–6 months. The 1,000 USD mark is still within reach, but to achieve it, the market will need stronger catalysts. In the short term, the 500 USD target is considered feasible and the most reasonable.

Emma