The bulls are on the move for Solana (SOL) as the high-performance blockchain makes major strides in bridging the gap to Ethereum's decentralized finance (DeFi) ecosystem. SOL is up 7.8% over the last 24 hours to $155  at the time of writing, with over 12% gain over the last 7 days. 

The driving force behind this bullish momentum is SolanaVM, a project focused on bringing Ethereum's immense $68 billion value locked in DeFi applications over to the Solana network. By creating an Ethereum Virtual Machine (EVM) compatible Layer 2 blockchain, SolanaVM allows developers to port their existing Ethereum dApps to Solana easiy.

This could unlock massive value for the Solana ecosystem by giving it access to the extensive collection of DeFi protocols and applications currently dominated by Ethereum. Solana's high

With a circulating supply of 448 million SOL and a $69.5 billion market cap, Solana currently ranks as the 5th largest crypto asset. In the last 24 hours, it has seen $2.28 billion in trading volume.

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SOL Technical Analysis

On the weekly chart, SOL has been in an uptrend since the start of May after finding strong support at the $125 level. The past two weekly candles have been bullish, with the current one making further highs after the price recovered from a brief breakdown of the ascending trendline support.

Shifting to the daily timeframe, SOL broke down from an ascending trendline on April 30th to end month of April on a bearish note. However, buyers stepped in at the $120 level and have pushed prices back above the trendline resistance with a string of bullish daily candles. 

Today's price action has seen SOL open at $152.55, make a low of $151.33, and it's continuing grinding higher to test the $160 resistance and recent highs. The daily RSI reading of 54 indicates bulls' momentum made over the last few days and ample room to challenge key resistance levels in the $160 level, the fair value gap above it, and the $168 range. Any retracement is likely to find support at the ascending trendline.

The Path to $200 for Solana's SOL

After surging over 645% over the past year and 168% from January's low of $78 to the March high of $209, analysis sees SOL's rally extending toward the $200 psychological level. Catalysts include April's Bitcoin halving event, which reduced new supply, and Solana's growing ecosystem of DeFi applications and bridges like SolanaVM.

With solutions like SolanaVM bringing Ethereum's battle-tested DeFi protocols to Solana's scalable platform, SOL has a clear path to $200 and beyond. As the blockchain sector continues to evolve, projects combining the strengths of multiple networks are uniquely positioned to unlock immense value. Solana's budding bridge to Ethereum's DeFi world has the SOL bulls charging full steam ahead.