Solana's SOL token has bounced back, climbing 13% from its recent low to reclaim the $230 mark. This surge comes despite a 63% drop in onchain volumes, mirroring declines seen across other networks like Ethereum and BNB Chain. While SOL's price had dipped 12% since hitting an all-time high in November, derivatives markets show healthier conditions after a recent market shakeout. Investor sentiment is buoyed by Bitwise's $750 target price and hopes for a Solana ETF approval, especially following SEC Chair Gary Gensler's resignation. However, concerns linger over MEV strategies impacting performance.