Solana is once again in the spotlight, catching the attention of crypto investors as its recent performance fuels conversations about a potential long-term comeback. In the past few weeks, Solana’s native token, SOL, has surged by 23%, breaking through the significant $150 level with relative ease. This strong price movement has placed Solana back on the radar as one of the top-performing digital assets in the market right now.

But Solana’s recent growth isn’t just about the token’s price. A closer look at the network’s activity reveals deeper momentum building beneath the surface. One of the most notable developments is the record-breaking stablecoin supply on Solana’s blockchain. The network now holds over $12.8 billion in stablecoins—a new all-time high. This growing supply suggests that more liquidity is entering the Solana ecosystem, a strong sign of investor trust and platform utility. Stablecoins are often used for trading, staking, and decentralized finance (DeFi) activities, so their presence usually means users are gearing up to do more than just hold.

Another sign of renewed strength is the sharp rise in activity across Solana’s blockchain. Daily transactions have increased significantly, recently reaching nearly 100 million per day. This level of throughput highlights Solana’s key advantage over competitors—its ability to handle massive volumes of activity quickly and at low cost. In addition to the transaction surge, the network’s DeFi sector is also experiencing renewed interest. In April alone, the total value locked (TVL) in Solana-based DeFi applications rose by around $3 billion. This points to increased usage of lending platforms, liquidity pools, and staking services built on Solana.

Despite these strong fundamentals, not everything is moving upward. Some signs suggest a short-term correction could be on the horizon. One such signal is the Spent Output Profit Ratio (SOPR), which measures whether holders are selling at a profit. Solana’s SOPR has stayed above 1 for over two weeks now, a typical indicator of a bullish phase. However, if it remains elevated for too long, it can indicate market overheating. This means traders may soon begin locking in gains, potentially triggering a short-term dip.

Adding to the caution, a sudden drop in daily active addresses was observed, falling from 61 million to 46 million in just one day. While one-day drops can sometimes be outliers, this drop may also reflect declining user engagement as traders take profits or shift focus elsewhere. If this trend continues, it could weaken the momentum Solana needs to push past $160 and approach the much-discussed $200 mark.

So, can Solana realistically reach $200 soon? The answer lies somewhere in between optimism and caution. The network’s growing liquidity, rising transaction volumes, and increasing developer activity support the idea of continued long-term growth. However, technical signals suggest the current rally might need to pause before moving higher. In crypto markets, pullbacks are normal, and they often give the asset a stronger base for its next upward move.

In the big picture, Solana appears to be building a solid foundation for a powerful comeback. Whether it makes a quick run to $200 or takes a more gradual path, the project’s fundamentals are clearly improving. As always, investors should keep an eye on both the data and the broader market sentiment when making decisions.