Solana Hits $200 as TVL Nears $12B and Bullish Exchange Joins Network

Solana (SOL) hit $200 on Wednesday for the 3rd day in a row and highest since Feb 4. The rally is part of broader crypto...

Written by: Arslan Butt • Thursday, August 14, 2025 • 1 min read

• Last updated: Thursday, August 14, 2025

Quick overview

Solana (SOL) has reached $200 for three consecutive days, driven by increased USDC adoption and Bullish's infrastructure move to Solana.
The partnership between Squads and Coinbase aims to make USDC the default stablecoin, enhancing transaction efficiency and boosting investor sentiment.
Solana's Total Value Locked (TVL) rose to $11.162B, nearing its all-time high, as 750 million USDC was minted in the last 24 hours.
Technical indicators suggest further upside potential for Solana, with key price targets set at $219 and $252.

Solana (SOL) hit $200 on Wednesday for the 3rd day in a row and highest since Feb 4. The rally is part of broader crypto market strength driven by USDC adoption on Solana and Bullish, a Peter Thiel backed crypto exchange, moving their entire infrastructure to Solana.

The partnership between Squads and Coinbase to make USDC the default stablecoin for Squads’ products and Bullish’s integration has boosted investor sentiment and network activity. Derivatives data also shows increased confidence with Open Interest at all time high.

TVL Rises as USDC Supply Grows

Solana’s Total Value Locked (TVL) rose to $11.162B on Thursday from $10.920B a day earlier, getting closer to all time high of $11.988B. The growth comes as 750 million USDC was minted on the network in the last 24 hours, increasing liquidity and DeFi activity.

Bitcoin just smashed $123,000 ALL-TIME HIGH! Institutions are piling in, Solana hits $200, and altseason is exploding 🔥
Is $150K BTC next? Or will ETH steal the show?
HODLers, what's your bold prediction? RT if you're riding this wave! #Bitcoin #Crypto #Altseason

— TalkwithAI (@TalkwithAI) August 14, 2025

Key stats:

TVL Growth: $10.920B → $11.162B in 24 hours
USDC Minted: 750 million in a day
All-Time High TVL: $11.988B

The Squads–Coinbase collaboration will deepen USDC’s role in the Solana ecosystem, increasing transaction efficiency and stablecoin based applications.

Solana (SOL) Technicals Suggest More Upside

Technicals look good. RSI at 69 is buy signal, MACD is printing green histograms and volume is up 10% to $12.24B in the last 24 hours.

Solana Price Chart - Source: Tradingview — Solana Price Chart – Source: Tradingview

Derivatives also shows increasing optimism: Open Interest hit all time high of $12.55B, up 11.55% in 24 hours. Short liquidations were $20.53M, vs $12.25M long liquidations, putting pressure on bears.

Price targets based on Fibonacci:

First Target: $219 (61.8%)
Second Target: $252 (78.6%)
Bull Case: Re-test of $295 January high
Bear Case: Drop below $200 could re-test $195 support
More to go but below $200

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.