Solana's (SOL) price has increased by 13% in the past week, reaching $218 on Nov. 14. The rise from $156 on Nov. 5 to a two-year high of $225 on Nov. 12 has generated optimism among traders. This surge aligns with a broader crypto market rally and strong fundamentals in the Solana ecosystem. Factors contributing to SOL's bullish performance include increased investor confidence, rising onchain activity, and growing weekly volumes on Solana-based DEXs. The total value locked in Solana's smart contracts has also seen a significant increase. Additionally, leveraged positions in Solana futures hit an all-time high on Nov. 12. Despite the risks associated with derivatives, the data suggests further upside potential for SOL. The article highlights the ongoing correction in memecoin prices on Solana, with various tokens posting significant gains. The increase in onchain transactions and memecoin activity indicates a growing adoption of Solana, potentially driving further price growth. Read more AI-generated news on: https://app.chaingpt.org/news
