Solana Price Prediction Eyes $110 as Network Activity Hits Record High

Solana's price has been pushing into resistance inside a rising wedge pattern, but analysts remain bullish on its prospects. The cryptocurrency's price is currently trading at $101.36, down 0.50% from August 25, and has pressed against the resistance zone between $98 and $100 twice already.

Despite this, Solana processed a record 1.31 billion transactions last week, marking its fourth consecutive week above 1 billion transactions. This sustained activity is seen as evidence of high-volume usage rather than a short-lived spike in activity.

The bullish case for Solana's price prediction suggests that it could reach $110 if the wedge resistance is broken on a daily close. However, analysts caution that the whale exit and discount in long-dated futures contracts are early signals of fading conviction, which could lead to a break below the wedge's rising support.

Strong ETF inflows also support the bullish case, with SOL ETFs pulling in $33.49 million on August 24 alone. The cumulative net inflow across all SOL ETFs now stands at $1.22 billion, with total net assets reaching $1.21 billion.