Solana saw a major rally today, with signs suggesting it could soon see another breakout to $200. Solana (SOL) saw a major rally on Thursday, May 8, with signs suggesting another breakout to $200 could be on the horizon. Backed by rising DeFi activity, strong market sentiment, and network upgrades, SOL jumped 10.02% to $160.32, its highest level since March 3. The surge coincided with a major milestone for Solana’s decentralized exchange (DEX) ecosystem. On Wednesday, May 7, DeFi volumes on the Solana network broke $800 billion in 2025. While over half of that came in January, continued strength in recent months points to sustained investor interest in the ecosystem. You might also like: Solana upgrade raises block capacity by 20%, improves developer tools This activity suggests that the SOL rally will likely continue, Tracy Jin, COO of MEXC, told crypto.news. If SOL maintains the current level, the token could go as high as $180 or $200. “Solana’s current price action suggests a wide accumulation range that is often seen in assets transitioning from a growth phase into a more mature market position. Bulls are now eyeing a breakout above the key $153 resistance level. If this level flips into support and momentum persists, this could open the path towards $180 and potentially $200 soon after,” Tracy Jin, MEXC Investors now see Solana differently: COO of MEXC Beyond the market momentum, Jin believes that there is a “fundamental shift” in how the markets perceive Solana. The growth of its ecosystem, together with the relative weakness of Ethereum, is now attracting institutions to SOL. “Ethereum ETFs have bled more than $350 million year-to-date. Solana has been the dominant network among L1 and L2 chains in 2025, driven by the rise of platforms like Pump.fun, radium, and Axiom,” Tracy Jin, MEXC Jin added that the upcoming launches of Solana ETFs will further boost its institutional appeal. They will be attracted to the value the Solana network is creating through its DeFi ecosystem. Read more: ‘Real equities to DeFi’: Superstate to bring public equity trading on Solana
