IS Solana Price Primed for More Upside Now That SOL has Hit A All Time New Height ??

Solana's native token, SOL , surged to an all-time high of $264.50 on Nov. 22, propelled by Bitcoin's 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?

Solana weekly DEX volumes, USD billion. Source: DefiLlama

Solana has sustained over $6 billion in daily 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 Ethereum, 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.