Originally published on: November 14, 2024
Solana’s SOL price has skyrocketed by 13% in the past week, hitting $218 on November 14. Data from Cointelegraph Markets Pro and TradingView reveals that Solana’s price saw a remarkable uptrend, climbing from $156 on November 5 to a two-year high of $225 on November 12. This surge has instilled confidence in traders, sparking speculation that the crypto could reach its all-time high of $260, especially after Bitcoin crossed the $90,000 mark.
The bullish momentum is in line with the broader crypto market rally and strong fundamentals within the Solana ecosystem. Several factors are propelling SOL towards new all-time highs.
Increased investor confidence in Solana is being driven by the network’s on-chain activity. Weekly volumes on Solana-based decentralized exchanges (DEXs) hit a record high of $26.1 billion last week, surpassing even Ethereum’s DEX volume. Additionally, the total value locked (TVL) in Solana smart contracts jumped to $7.9 billion, suggesting growing user interaction and demand for the SOL token.
The surge in leveraged positions and open interest for Solana futures further supports the bullish trend. SOL futures open interest reached an all-time high of $4.54 billion on November 12, reflecting rising institutional interest in SOL derivatives.
Amidst this rally, memecoins on Solana are also witnessing significant gains. Key tokens like Dogwifhat, Bonk, Peanut the Squirrel, and Popcat have posted impressive double-digit gains, indicating high network activity and adoption.
The increase in on-chain transactions on Solana further demonstrates the network’s growing popularity and utility. More user interactions translate to higher demand for SOL, positively impacting its price.
While this article doesn’t offer investment advice, the data suggests that Solana’s price rally is driven by strong fundamentals and increasing adoption. Keep an eye on SOL as it aims for new all-time highs in the coming days.
