Solana's native token SOL (SOL) experienced a 22.5% surge between Nov. 5 and Nov. 7, marking its highest level in seven months. This increase coincided with a broader uptrend in altcoins, which rose by 17% as Bitcoin (BTC) hit a new all-time high on Nov. 7. The bullish momentum was partly fueled by the U.S. presidential election results and the Republican party's Senate majority, hinting at favorable regulations for cryptocurrencies. SOL's growing demand led to a rise in leveraged positions, with Solana futures open interest hitting a record high on Nov. 7. Despite the risk of forced liquidations, derivatives data suggests further upside potential. The article also discusses the influence of memecoins on SOL's price surge and the network's competitive advantages. Overall, the outlook remains positive for SOL prices, supported by onchain metrics and market sentiment. Read more AI-generated news on: https://app.chaingpt.org/news

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