Solana price forecast: SOL targets $150 after record app revenue month

Solana stabilizes at $100, bullish expectations strengthen this month

After a week of volatile trading, Solana (SOL) prices are currently solid around $100. Forecasts for Solana prices are turning more optimistic this month, with some analysts pointing to $150 as the next major target.

On September 3, SOL traded at US$100.50, up 1.44% from the previous 24 hours. Despite the rebound that day, the token fell 4.82% this week, losing more than 37.23% of its market value in the past month. Even so, after recently climbing from about $80, SOL remains above the psychological threshold of $100. At the same time, as traders waited for the latest developments from the Federal Reserve, the total market value of the entire cryptocurrency market rose 1.19% to $2.62 trillion.

Is the current Solana price trend bullish?

Cryptocurrency analyst Ali Martinez said Solana's market structure is turning bullish. He believes traders who remain cautious about SOL may miss out on early entry opportunities before the next rally.

Martinez marks US$150 as Solana's next main target, but this judgment depends on whether SOL can break through nearby resistance and maintain its recent breakthrough trend. There are no absolute guarantees in the market, and traders should regard it as an analyst's opinion rather than a definite outcome.

What are the factors driving this week's Solana price forecast?

Several different signals are shaping current Solana price forecasts. Some signals point to gains, others advise caution.

Leading the industry in application revenue

Solana ranked first in application revenue rankings in August, with total revenue of US$143.2 million. This figure accounted for 38% of the total industry-wide chain application revenue for the month.

Solana：$143.23M

Hyperliquid L1：$55.6M

Ethereum：$47.1M

BSC：$34.7M

Polygon：$20.71M

Base：$15.75M

Ronin： $123,930.23

Other: $49.54M

This revenue lead indicates real user activity on the Internet, not just speculative trading. Strong application usage can often support the long-term demand for blockchain native tokens.

The Transaction V1 test network is officially launched

Solana also launched a technology upgrade this week. Transaction V1 (SIMD-0385) has been launched on the testing network, and the maximum transaction size has increased by 3.3 times, from 1,232 bytes to 4,096 bytes.

This upgrade allows more complex transaction types, including zero-knowledge proofs (ZK proofs), large multi-signature settings, and confidential transfers, to be accommodated in a single transaction. The Solana team said the old transaction format couldn't handle the developer functions that modern applications now require. While such upgrades will not immediately affect prices, they strengthen the view that Solana's infrastructure continues to improve.

Solana ETF outflows end winning streak

Not all signals are positive. The U.S. spot Solana ETF experienced an outflow of US$6.13 million, ending a previous 11 consecutive day record of net inflows. This is noteworthy because it means that some institutional buyers may take profits after the recent rebound.

Today's Solana Key Data

According to derivatives market data, SOL traded at US$100.43, up 1.26% during the day.

Indicator value SOL price $100.43 24-hour change +1.26% futures trading volume $8.31B spot trading volume $845.77M market value $58.88B open interest value $6.41B long-short ratio 1.002 24-hour strong closing amount $11.46M long strong closing $6.32M short closing $5.14M long-short closing ratio remains around 1.002. It shows that the market is currently roughly balanced, although traders on Binance and OKX are slightly biased towards the bulls. The total amount of strong balances in the past day reached US$11.46 million, and the long and short sides were evenly distributed, indicating that transactions were active and two-way, rather than one-sided panic.

Solana Price Chart: What does the pattern show?

The daily chart of SOL/USDT shows that $SOL is trading close to US$100 after breaking through the long-term decline channel. This is often seen as a signal that the direction of the trend has shifted.

Recently, prices have formed a short-term flag-lowering or wedge pattern. This pattern may be a bullish continuation pattern, but only if SOL must hold the support range of $98 to $100. The specific hierarchical analysis is as follows:

If it exceeds US$104 - 105, it may open the path to US$110 - 112.

Further up, the next resistance zone is around $118-$120.

If there is a strong volume breakout above $120, the final target may look towards $135-$140.

On the downside, if it breaks below $98, SOL could move toward $94 - 95 or even $90.

For now, as long as the support range of $98-$100 remains intact, the chart tends to be bullish continuation. That being said, the crypto market is changing rapidly and support levels are not always effective.

Solana Price Forecast: Summary

SOL enters the month with strong fundamentals. Record application revenue, testnet upgrades and technological breakthroughs all support the view of further gains. At the same time, recent outflows of ETF funds and tight resistance around $104 - 105 mean SOL still needs to work hard before analysts '$150 target becomes realistic. Traders who follow Solana price forecasts closely are likely to watch whether SOL can hold on to $100 support this week.

Disclaimer: This article is for reference only and should not be regarded as financial or investment advice. The cryptocurrency market is extremely volatile and prices can rise or fall rapidly. Before making any investment decisions, be sure to research and consult a licensed financial adviser yourself. Past performance does not represent future results.