Solana's native token, SOL, kicked off with a 5.3% rise, trading above $167, aligning with Bitcoin's election day rally. Traders eye a $200 target for SOL, supported by promising onchain data and derivatives market metrics. Solana leads in decentralized exchange volumes, outpacing Ethereum's layer-2 solutions with $11.86 billion in weekly activity. Despite Ethereum's larger deposits, Solana's transaction fees are closing the gap. SOL's staking yield and reduced inflation rate bolster network participation. While futures markets show neutral to mild bullish sentiment, external factors like US election results could sway the market.