Solana price has risen for four consecutive days as the crypto fear and greed index has remained in the greed area. The token rose to a high of $190 on Monday, its highest point since May 22nd.

SOL token has done well because of the ongoing ecosystem growth in the network. It has become the top blockchain for developers in the Decentralized Finance (DeFi), Decentralized Public Infrastructure (DePIN), and meme coin industries.

For example, some of the most popular meme coins this year like Dogwifhat (WIF), Bonk, and Book of Meme (BOME) are all built on Solana’s blockchain.

Solana also has a leading role in the DePIN industry as top networks like Helium and Hivemapper have leveraged its technology. These developers love Solana for its speed and low transaction costs.

This trend has led to robust fees in Solana’s ecosystem. Data by DeFi Llama shows that the daily fees have risen this month. On Monday morning, the network had made almost $2 million in the past 24 hours while Ethereum made $2.6 million.

These are significant numbers since Solana has a smaller total value locked (TVL) of $5.4 billion while Ethereum has $58.2 billion. Also, Solana has substantially lower fees than Ethereum, with the average transaction costing just a few cents.

As such, these numbers mean that Solana is seeing more transactions. Indeed, a Polymarket poll found that Solana will likely flip Ethereum in daily fees this month.

The next big catalyst for Solana is that more companies will likely file for spot ETFs now that the Ethereum one has already been approved. VanEck has already filed for a spot ETF while Franklin Templeton has hinted that it will file soon.

Solana price forecast

The daily chart reveals that Solana token has recovered modestly in the past few weeks. It has risen from the key support level of $121.50, where it failed to move below since April to $190 on Monday.

That is also an important level since it was the upper side of the cup and handle pattern. Also, the 50-day and 100-day moving averages have made a bullish crossover. The Relative Strength Index (RSI) and the MACD indicators have continued rising.

Therefore, the token will likely have a bullish breakout as buyers target the year-to-date high of $210.