According to CoinMarketCap data, Solana is one of the top networks, with a market cap of over $81 billion. Even with rising cryptocurrency prices and improved market sentiment, SOL still struggles to gain momentum.

Solana Retracement: Will the price break through $200?

In trading over the past week, market data shows SOL performing steadily, with a 3% drop in the last 24 hours. Bitcoin, Ethereum, and Dogecoin saw the highest gains.

Numerically, Dogecoin has risen 22% in the past week. Bitcoin increased by 8% during this period, approaching the highs from March.

As the price of SOL has retreated from nearly $185 this week, CoinMarketCap experts note that the Solana ecosystem is growing. Meanwhile, the number of daily active users continues to rise, which is a noteworthy indicator.

In the past week, the upward trend has remained stable. After a rapid rebound from a price drop in early September, SOL's price has skyrocketed. Over the past two months, the token has risen by about 50%, breaking through $150.

From a spot price perspective, SOL remains in a bullish breakout pattern. Even if retracements push the token lower, local support will be around $150. If buyers find support at this level, it could set the stage for a new round of increases, rising to the psychological level of $200.

Drivers of Solana's price: a thriving ecosystem, institutional support

Possible growth drivers include the active Solana ecosystem. Last week, the number of daily active users rose to nearly 7 million. However, as prices have retreated, this figure is currently around 5.5 million.

Most users are active meme coin traders on leading decentralized exchanges like Raydium and Jupiter.

Over the past few months, since the launch of Pump.fun in January, SOL has benefited from the launch of thousands of meme coins. Each launch requires locking up SOL to increase liquidity, thereby driving up demand and boosting prices.

While meme coins are key to Solana's development, the network also boasts a solid DeFi ecosystem. DeFiLlama data shows its protocols manage over $6.2 billion in assets, of which more than 50% are stablecoins. Among the $3.8 billion in stablecoins on Solana, over 69% are USDC.

Top DeFi dapps include Jito, a liquid staking protocol managing over $2.4 billion in assets. Others include Solayer (a liquid staking solution) and Ondo Finance (a real-world asset (RWA) tokenization platform), managing $275 million and $127 million in assets, respectively.

In addition to the explosive growth of on-chain activity, Solana can benefit from institutional support. Trading platform Robinhood recently began offering SOL to EU customers.

Meanwhile, one of the spot Bitcoin and Ethereum ETF issuers, VanEck, has launched the first exchange-traded note (ETN) in Europe. This ETN will also offer staking rewards.

#美国大选后行情预测 #市场关注美国非农数据 #TIA超大额解锁