Solana Returns to Zone That Triggered 20X Rally; How High Can SOL Price Go This Time?

Solana is returning to the price zone that opened up one of the strongest rallies in the altcoin market during the 2023–2024 period, as SOL currently fluctuates around $88–90 after weeks of sideways movement.

Some recent technical analyses have begun to reiterate the “20X rally zone” narrative as SOL returns to the price range that served as an accumulation zone before the major breakout of the previous cycle. However, the current market context differs significantly from the recovery period following the FTX collapse in 2022.

SOL Revisits a Key Historical Zone

SOL is currently trading around $88–90, above the local bottom of ~$67 established in February but still significantly below the ATH of nearly $295. On the weekly timeframe, the current price zone also coincides with the area that acted as an accumulation zone before SOL entered its strong growth cycle in late 2023.

Although SOL is now trading at much higher levels than in the previous period, recent technical analyses have begun to revive the “20X rally zone” narrative, suggesting that the current accumulation structure resembles the zone formed before the previous cycle’s massive breakout.

SOL price chart (W). Source: TradingView

In that cycle, SOL rose from around $10 to over $200 in just over a year as liquidity returned to the altcoin market and the Solana ecosystem became the hub for memecoins and DeFi.

However, returning to a similar structure does not mean the market will completely repeat the previous cycle. The current context is notably different from the time SOL recovered from the FTX collapse in 2022—when the ecosystem’s valuation was heavily discounted, and SOL’s market cap was at a much lower level.

At current prices, SOL’s market capitalization has returned to over $51 billion, making the possibility of replicating a “20X” growth spurt in a short period significantly less realistic than in the previous cycle.

Why This Cycle Looks Different

One of the biggest differences for Solana at present is the scale of liquidity and actual activity on the network.

Solana stablecoin market cap. Source: DefiLlama

According to data from DefiLlama, the stablecoin market cap on Solana has now reached nearly $16 billion, increasing by about $747 million in the last 7 days, equivalent to nearly 5%. This is the highest level of stablecoin liquidity for Solana since the beginning of the year and remains near the peak of the current cycle.

Solana TVL chart. Source: DefiLlama

Meanwhile, TVL on the Solana ecosystem is currently hovering around $5.6 billion. Although still significantly lower than the peak of over $12 billion in late 2025, the data shows that the ecosystem is maintaining a large amount of liquidity rather than being in a state of sharp decline like in previous bear market phases.

DEX volume 30D chart. Source: DefiLlama

Trading activity also continues to remain high. DEX volume on Solana over the last 30 days has mostly fluctuated between $1.1–1.5 billion per day, with several days exceeding $1.6 billion. Over the past week, volume has stayed around the $1.3–1.4 billion range even after sharp spikes.

This indicates that activity on Solana is no longer solely dependent on short-term narratives. Compared to the previous cycle, the ecosystem is maintaining more stable usage, particularly in the stablecoin, DeFi, and DEX trading sectors.

What Could Drive SOL Higher?

Recently, stablecoin liquidity on Solana has continued to increase, while SOL-related investment products have also recorded positive inflows again. Data for Solana spot ETFs on Coinglass shows that total net inflows recently reached about $26 million, with the majority of the capital concentrated in Bitwise and Fidelity products.

Solana spot ETF inflow. Source: Coinglass

In parallel, the market is also monitoring catalysts related to network infrastructure such as Alpenglow and Firedancer—two upgrades expected to improve the performance and stability of the Solana network in the long term.

In the short term, the $100–120 range could become the next key area if SOL continues to maintain its current liquidity and activity. Further out, SOL’s return to the ATH zone around $295 will likely depend on the expansion of altcoin capital flows in the coming quarters.

A Setup Worth Watching — Not a Repeat Yet

SOL may be returning to one of the most notable technical zones of the current cycle. But unlike the post-FTX period of 2022, Solana is no longer a recovery trade with a heavily discounted valuation.

This means the market this time is not only watching for SOL’s ability to break out of the current accumulation zone but also paying attention to whether the Solana system can continue to maintain liquidity and activity on a much larger scale than in previous cycles.

If that happens, SOL could continue to extend its uptrend in the coming quarters. However, replicating a “20X” growth cycle as before will be significantly harder to achieve without a massive liquidity explosion across the entire altcoin market.