Solana's native token, SOL, soared 22.5% from Nov. 5-7, hitting a seven-month high. This spike coincided with a broader altcoin rally and Bitcoin's new all-time high. Analysts link the surge to Donald Trump's presidential victory, hinting at crypto-friendly regulations.

SOL's demand boost saw futures open interest hit a record $4 billion, signaling strong institutional interest but also potential risks. The funding rate suggests moderate optimism, supporting further gains.

While some credit memecoins for SOL's rise, key factors include Solana's total value locked, up 22% to $6.64 billion. Strong onchain metrics and competitive advantages could drive SOL prices even higher.