Overview

• SOL closed above $200 and tapped $213, with traders watching $212–$220 for confirmation of the next leg higher toward analyst targets in the $215–$270 range.
• Network data show Solana has led Ethereum in DEX volume for 10 straight months, processing $124 billion in July, alongside sizable bridged inflows that suggest deepening liquidity.
• Derivatives positioning has intensified, with futures open interest hitting a reported record near $12.9 billion and large orders indicating whale participation.
• Ecosystem buybacks have accelerated, with Solana‑based projects accounting for roughly 40% of crypto token repurchases after a 158% jump over two weeks.
• Risk signals include profit‑taking and rising exchange deposits, with Spot Netflow spiking to a three‑month high near $76 million that could pressure price near recent highs.