Solana (SOL) price is gaining today, May 8, as most altcoins edge higher following Bitcoin’s rally towards $100,000. SOL’s gains not only stem from the bullish sentiment across the broader market but also from surging network activity. DEX volumes on the blockchain have surpassed half a trillion dollars in 2025 alone.
At press time, SOL trades at an intraday high of $152, and as bulls defend the crucial support level of $141, the next bullish leg may propel Solana to $180.
Solana Price Eyes $180 as Bullish Momentum Strengthens
The daily SOL price chart, as seen below, clearly shows that the altcoin has been fluctuating within an ascending parallel channel for nearly a month. While the uptrend shows signs of weakening after falling below the channel’s midline, bulls are successfully defending the crucial support level at $141.
More buyers are likely to step in at the current price as the volume profile bars depict that this level has previously attracted significant buy-side volumes. If history rhymes, Solana price may rally and break out of the channel to reach $180.
This upward trend is supported by the rising RSI, which shows the bullish momentum is growing strong. Hence, if SOL reaches $180 and clears the next resistance at the PoC line of $218, it could initiate a breakout rally to the previous ATH of $295.
Solana’s $500B DEX Volumes May Fuel an Explosive Rally
The surging DEX volumes on the Solana blockchain may be one of the factors that will fuel an explosive price rally as SOL defends crucial support. Data from DeFiLlama shows that in 2025 alone, the blockchain has recorded more than $500 billion in DEX volumes, notably higher than any other layer-one network.
In comparison, Ethereum, currently the largest network by DeFi TVL, has recorded $300 billion in DEX volumes in 2025. Nevertheless, the Ethereum blockchain still leads in all-time DEX volumes with $3.03 trillion, notably higher than SOL’s $1.2 trillion.
Most of the volumes going to Solana are from meme coins, as data from Coingecko shows that in the last 24 hours, the SOL meme coin market cap surged by 10% to $10 billion. As dominance in the meme coin industry grows, it amplifies the Solana price potential to shoot to $180 soon.
SOL Long/Short Ratio Hits Monthly High as OI Rises
SOL’s long/short ratio has been rising since Tuesday and has reached a one-month high of 1.05 according to Coinglass. This rise is indicative of more traders opening long positions than short positions as they anticipate that the price of SOL will continue rising. This buildup of long positions supports a bullish Solana price forecast as it shows a positive market sentiment.
This surging ratio coincides with rising open interest that has reached $5.84 billion, and is approaching a two-week high. As leverage towards Solana grows due to bull positioning, it supports the bullish thesis that a breakout to $180 is looming, after which SOL price will aim for its previous all-time highs.
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