Can Solana (SOL) be checked again for 260 dollars?

Recently, news about Solana (SOL) is drawing attention as this blockchain is leading competitors in application revenue. Traders are watching the possibility that the price could approach $260, in the context of positive progress from ETF funds and the strong development of the network.

Solana may be on track to test the level $260 as it outperforms all other blockchains in daily application revenue, drawing attention from both traders and investors.

According to analysts, strong network activity and developments in the ETF space may shape the next steps for Solana, as it remains close to the support area near $190.

Solana draws attention in application revenue

In the past 24 hours, Solana has surpassed all other blockchains in application revenue. Data from The Solana Post on platform X shows that Solana's application revenue reached $4.83 million, outperforming BNB Chain at $3.85 million and Hyperliquid L1 at $2.97 million.

Other blockchains like Ethereum recorded $2.7 million, while Base, edgeX, Arbitrum, and Polygon followed with lower revenues. This shows that Solana's network activity remains very strong, with this chain continuing to draw attention from users and new projects. This development also reflects a higher demand for transactions compared to other major blockchains, which the community sees as a positive sign for Solana's market position.

According to information from Solana, many investors believe that stable application revenue could support price recovery if trading volume increases in the coming weeks. The development of Solana on decentralized applications shows ongoing interest in its ecosystem, especially in the context where most other networks are facing inconsistent activity.

SOL price tests the level $260

Analyst Ali Martinez believes that the price of SOL may be attempting to retest the $260 level. At the time of writing, the price of SOL is trading at $189.45. Market trends indicate that this digital asset is testing support around the $190 level, a level that has served as a foundation since late August.

Solana Price Prediction | Source: Ali MartinezOn the daily chart of Solana, the 20-day moving average has crossed below the 50-day moving average, a sign that could indicate short-term weakness. If Solana falls below $190, it could drop to $170, the lowest point of last week. However, a clear move above $211 could change the trend and open the way towards higher price levels, bringing the price of Solana closer to the levels $260 mentioned in the analysis.

Johnny, another market observer, believes that the Solana network “needs a new impetus” to boost activity. He emphasizes that news about the potential launch of a Solana ETF in Q4 could be a reason to expect stronger on-chain performance.

The Solana ETF process is drawing attention in the market

In another development, the positive sentiment surrounding the price of SOL is increasing. SolanaNews.sol has announced that the world's first spot Solana ETF will be launched in Hong Kong. At the same time, asset manager 21Shares has filed Form 8-A with the (SEC), a step closer to the approval of their Solana ETF.

These two developments, although separate, both demonstrate the growing interest in Solana from financial institutions. Market observers believe that ETF products could draw new capital by providing investors with an easier way to access digital assets. If approved, these ETFs could help attract additional attention and liquidity to the Solana market, something that some traders hope will support long-term demand for this cryptocurrency.

However, the short-term price outlook for SOL still depends on its ability to hold the support level of $190. A move above $211 could shift the momentum back in favor of buyers. Combined with strong application revenues and increasing interest in ETFs, many in the market see reasons to be cautiously optimistic.

Currently, Solana stands out as the highest revenue blockchain and one of the most actively functioning networks. Whether it achieves a level of $260 will depend on its ability to handle current market pressure and the response of investors to the upcoming ETF launches.

Mr. Giáo