Solana’s native token SOL rose 5.3% today, trading just above $167, Cointelegraph reported. On-chain data and derivatives market indicators show that SOL’s gains may continue in the short term.
Solana continues to lead in decentralized exchange (DEX) volume, showing advantages in user activity and transaction fees. Solana’s weekly DEX activity reached $11.86 billion, far exceeding Ethereum.
In terms of fees, Solana generated $20.5 million in fees in the last seven days, close to Ethereum’s $22.6 million. Despite Ethereum’s eight times larger deposits than Solana, Solana’s TVL grew by 38%.
SOL holders enjoy a 6.5% native staking yield, and 66.9% of the circulating supply participates in network validation. SOL’s inflation rate has been reduced to 5.4%, increasing the net return for participants.
Despite strong on-chain metrics for SOL, sentiment is not necessarily bullish. Funding rates in the SOL perpetual futures market show a neutral to slightly bullish trend, which could push prices towards $200.
