Solana (SOL) at a two-year high: The bull run is accelerating.

Solana’s native token $SOL rose 35 percent between November 5 and 11, reaching $222, its highest level since December 2021.

This rise was further strengthened by Bitcoin’s $89,500 surpass and the long-standing memecoin craze. SOL outpaced the altcoin market cap, which increased by 33 percent during the same period. Investors’ optimism about SOL is also supported by the expansion of Solana’s smart contract activities. This data coincides with the increase in total locked value (TVL).

Solana’s TVL rose to $7.6 billion as of November 10, reaching its highest level since December 2021. Decentralized applications (DApps) such as Jito, Raydium, Drift, and Binance’s liquid staking contributed to a 36 percent growth in deposits.

The Solana ecosystem has attracted attention with the sharp rise of memecoins such as Dogwifhat ($WIF ), Bonk (BONK), and Popcat (POPCAT). In addition, the continuous increase in revenue from the memecoin generation platform Pump.fun has increased demand for the ecosystem.

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Weekly DEX volume on Solana reached $17.1 billion as of November 2, reaching its highest level since March 2024, and reaching a market share of 26 percent. This rate even surpassed leading DApp-focused blockchains such as Ethereum. In addition, Solana made a significant contribution to network security by generating $88.2 million in monthly revenue. The Ethereum network, which has a TVL seven times higher than Solana, generates $131.6 million in monthly revenue, while Tron has raised $49.1 million in 30 days.

The cryptocurrency analyst known as Bluntz on X (formerly Twitter) thinks that $BTC will reach $150,000, SOL will reach $500, and ETH will reach $8,000. Bluntz, who stated his price prediction under another user's post, excited his followers. Although the $500 target for Solana seems difficult for now, considering the memecoin craze and Bitcoin dominance, this target may be reasonable for the medium/long term