Solana (SOL) has traded above $170 after a long period of struggle, reaching $183 with a 16.3% gain in a month. The rally comes in tandem with Bitcoin (BTC), with the king of cryptocurrencies less than $1,000 away from its all-time high. But do the data directly related to Solana show signs of support for a stronger rally?

Total altcoin capitalization (left) vs SOL/USD (right) | Source: Tradingview

On-chain and derivatives metrics suggest that Solana’s bull run may just be beginning, with the potential to push above $200 and beyond. The total value locked (TVL) on the Solana network is steadily increasing, with the amount of assets secured in smart contracts reaching a two-year high.

Total Value Locked on Solana, SOL | Source: DefiLlama

On October 26, total deposits on the Solana network reached 42.5 million SOL, the highest level since September 2022. Significant contributions came from protocols such as Jupiter (up 13% in the past 30 days), Raydium (up 18%), and Sanctum (up 17%).

Solana Surpasses BNB Chain, Takes Second Place in TVL in Decentralized Applications

Solana has now surpassed BNB Chain to become the second largest network in terms of TVL liquidity, although it still ranks behind Ethereum. This gap has been narrowing in recent years. A notable example of Solana’s growth is the SOL liquidity staking service on Binance, which is now the 10th largest in the Solana ecosystem, showing that there is still plenty of room for growth.

Meanwhile, Ethereum’s TVL has increased by just 2% over the past 30 days, while BNB Chain has decreased by 5%. However, judging by TVL alone may not be comprehensive, as many decentralized applications (DApps)—such as games, NFT collections, Web3 infrastructure, social networks, and marketplaces—do not require large deposits.

Blockchains ranked by 7-day DEX volume, USD | Source: DefiLlama

Solana recently surpassed Ethereum to become the leader in DEX volume, holding the position with a 19% increase over the past seven days. Over the same period, Ethereum activity increased by just 6%, while BNB Chain decreased by 3%. Volume on Ethereum’s layer-2 solutions also increased by just 5%, making Solana the standout performer.

Some notable names in the Solana ecosystem include Raydium (up 20%), Lifinity (up 49%), and Phoenix (up 34% in 7 days). The majority of new money flowing into Solana comes from the memecoin sector, raising questions about the sustainability of this rally.

For example, memecoins like Moo Deng (MOODENG) are up 178% over the past week, Goatseus Maximus (GOAT) is up 71%, and Nosana (NOS) is up 70%. While it’s hard to predict how long memecoins’ rally will last, history shows that only a few have maintained their value over the long term, such as Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF).

Low leverage opens up upside potential

In addition to on-chain data, low leverage usage in the Futures market also suggests that the rally to $182 on October 30 may just be the beginning of a larger bull run.

SOL funding rate | Source: laevitas.ch

The current funding rate is 0.01%, which equates to Long positions paying 0.9% interest per month for leverage. During periods of high retail demand, this rate can exceed 2.1% per month. The current funding rate is considered neutral, and combined with positive on-chain metrics, it signals steady buying activity in the SOL spot market, opening the door for a price increase to $200 and higher.



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