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$

BTC $98,855 +0.03% ETH $3,340 -0.64% BNB $642 +1.01% SOL $256 -2.68% XRP $1.57
+12.45% TON $5.54 -0.33%
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Marcel Pechman
7 hours ago


IS SOLANA PRICE PRIMED FOR MORE UPSIDE NOW THAT SOL HIT A NEW ALL-TIME HIGH?

Solana’s fresh all-time highs were driven by investors’ memecoin mania and
euphoria over Bitcoin’s strong rally. Can SOL hit a new high?

1778 Total views
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4:14

Market Analysis
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Solana’s native SOL SOL $256.50 token surged to an all-time high of $264.50 on
Nov. 22, propelled by Bitcoin’s BTC $98,847 rally toward $100,000 and a frenzy
around memecoins. This surge coincided with several Solana-based tokens gaining
over 100% in value over the last month.

Can SOL reach $350 next?

Solana weekly DEX volumes, USD billion. Source: DefiLlama

Solana has sustained over $6 billion in daily decentralized exchange (DEX)
trading activity throughout the past week, securing a 45% share of the overall
market. This surge is unprecedented when compared to other networks, which has
raised eyebrows, especially given Solana’s very low transaction fees relative to
Ethereum, BNB Chain and Polygon.

Certain market analysts suggest that SOL price could see further gains, noting
that its current market cap of $121 billion remains 70% below that of Ether ETH
$3,339.26 , and analysis of Solana onchain and derivatives metrics indicates
potential. However, a broader perspective considering the broader competitive
landscape is crucial.


MEMECOIN FRENZY DRIVES RECORD DAPP ACTIVITY ON SOLANA

Solana’s network boasts a total value locked (TVL) of $9.2 billion, giving it a
73% advantage over BNB Chain, which holds $5.3 billion in assets. In late July,
both networks had a similar TVL of $4.5 billion, but the disparity has since
grown. For context, the combined TVL across Ethereum’s leading layer-2 solutions
— Base, Arbitrum, Polygon, Optimism, Blast and Linea — also totals $9.2 billion.


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Solana has managed to achieve a TVL comparable to Ethereum’s top six scaling
solutions by providing lower entry barriers for users. A significant part of
Solana’s appeal lies in the effortless integration of wallets like Phantom and
Solflare with its key decentralized applications (DApps), leading to an
unprecedented weekly trading volume of $41.1 billion on Solana’s DEXs.

Weekly DEX volumes, USD billion. Source: DefiLlama

Excluding Solana, all other top 10 blockchains experienced a significant decline
in DEX volumes, which is rather striking. DappRadar reports that 29.3 million
unique active addresses have interacted with DApps on Solana over the last seven
days. For comparison, Near saw 9.6 million addresses, opBNB had 7.8 million, and
Base saw 4.6 million.

Many notable Bitcoin traders have been drawn in by the allure of quick gains
through memecoin trading, including internet personality Tyler Durden. He
candidly informed his followers that the primary catalyst for potential gains in
Solana tokens is “pumpenomics” while warning them of other influencers who might
use dubious methods to influence their audience.

Leverage presents another risk factor for SOL’s price, as excessive optimism
among futures traders can lead to cascading liquidations. Even a standard 5%
intraday price decline can trigger the liquidation of a position with 20x
leverage.

Related: Why is Solana (SOL) price up today?

SOL perpetual futures 8-hour funding rate. Source: Laevitas

The funding rate for SOL futures reached a peak of about 4.2% per month on Nov.
22, which is not overly alarming. It has settled at a 2.4% monthly rate for long
positions, just above the neutral point.

Although the Solana network’s onchain data might be skewed by its low
transaction fees, the robust activity in DApp deposits and the resilience of the
SOL futures markets suggest a strong bullish trend. This indicates the potential
for further price increases beyond the current all-time high of $264.50.

Explore more articles like this

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This article is for general information purposes and is not intended to be and
should not be taken as legal or investment advice. The views, thoughts, and
opinions expressed here are the author’s alone and do not necessarily reflect or
represent the views and opinions of Cointelegraph.


 * #Cryptocurrencies
 * #Altcoin
 * #DApps
 * #Markets
 * #Altcoin Watch
 * #Solana
 * #DEX
 * #Memecoin


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