SOL Price Jumps 10% as Solana Tops Blockchain App Revenues, Sets Sights on $250

Highlights:

• Solana’s price surged 10% to $200, with trading volume jumping 66% to $5.1 billion.
• SOL led Q4 2024 app revenues with $751 million (57% share).
• Solana attracted 7,625 new developers in 2024, surpassing Ethereum.

The Solana price has surged 10% in the last 24 hours to trade at $200 as of 5 a.m. on a 66% pump in trading volume to $5.1 billion. This rise in the price of SOL is accompanied by Solana’s solidification as the number one chain for app revenues, with a 57% market share in Q4 2024.

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Revenue-wise, Solana apps generated $751M to Ethereum’s $314M as the chain continued to attract both developers and users. The major drivers into this growth include Raydium DEX, JitoSOL, and Metaplex among others. Some of the new trends which have been driving this growth in revenue for the chain are: meme tokens, AI agents, and DeSci projects.

We see *aggregate app revenue per chain* as a way to track where builders will gravitate over time

Solana has consistently generated >50% of all weekly crypto app revenue since late October & 56% of app revenue today

Ethereum -> 18%
Base -> 9%
BNB -> 5% pic.twitter.com/Jnm4xyy5NH

— Ryan Connor | BWR 🟪 (@_ryanrconnor) January 15, 2025

Capable of hosting all activities directly on its L1 chain, Solana eliminates any need for L2 solutions, a fact that gives it a competitive edge over Ethereum, whose ecosystem has continued to record decreased revenues since the Dencun upgrade. This dominance has drawn 7,625 new developers to Solana in 2024 alone, topping Ethereum’s 6,456 contributors and further cementing the chain’s status as the platform of choice for high-revenue apps.

Although SOL’s price has been hovering below $200, it will likely extend into higher price ranges because of its scalable infrastructure and ecosystem outpacing its rivals. Success in active users and innovation of apps on the chain places Solana as the central hub for crypto activity in 2025, raising expectations of further price appreciation.

SOL Price Rebounds on a Double-Bottom Pattern

The SOL/USDT daily chart indeed tells a story of the recent price action and the potential for a bullish reversal. First, strong support is clearly established around $173.74, where the price has bounced multiple times, depicting that buyers are interested in this zone. Moreover, a double bottom pattern at close to $180 further cements the bullish outlook since this is a classic reversal signal.

The Solana price had earlier witnessed a parabolic rise in November, reflecting very strong upward momentum to take it to its peak near $260. The corrective phase of December saw the price move within a descending channel. The consolidation utilized this channel whereby the sellers held the better hand. The recent breakout above the channel shows the buyers in the limelight and might be planning to kick in a rally anytime.

Bulls May Target $250 High

The current price is at $200.86, pulling back slightly by 2.43%, yet still above major support levels. The 200-day moving average currently lies at $209.20. A strong breakout above should confirm a stronger bull trend and clear the way for SOL to target the $220–$250 resistance range. On the downside, the 50-day moving average at $173.74 is also in confluence with the support zone, hence providing additional cushion for buyers.

Momentum Indicators RSI (14) is neutrally set at 50.90, indicating that the market is simply stabilizing from the previous bearish pressure. If the Solana holds above $200 and reclaims $209.20, this may trigger a strong rally. Failure to hold $200 could send the SOL price for a retest of the $180–$173 region, where buyers are likely to step in once more. This setup makes the current levels critical for determining SOL’s next direction.

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