The price of Solana (SOL) has reached its highest peak since December 2021 at 222 USD, after a 35% increase from November 5 to November 11. This upward momentum has raised hopes that SOL could aim for the historic peak of 260, especially as Bitcoin approaches 90,000 thanks to capital inflows from institutions and positive regulatory prospects in the United States.
Solana significantly outperformed the altcoin market as the TVL on this network rose to 7.6 billion USD on November 10, marking the highest level since 2021. Projects like Jito, Raydium, and Drift, along with Binance's liquid staking application, contributed to a 36% growth in total deposits, indicating strong development of the smart contract ecosystem on Solana.
Weekly trading volume on Solana's decentralized exchanges (DEX) reached 17.1 billion USD in early November, surpassing Ethereum and capturing 26% market share. This surge is not only driven by meme tokens like WIF, BONK, or POPCAT but also thanks to DeFi projects and platform expansion.
In terms of revenue, Solana generated 88.2 million USD in monthly fees, ranking just behind Ethereum and higher than Tron. Additionally, Magic Eden – Solana's leading NFT exchange – attracted over 77,000 active addresses, outperforming OpenSea on Ethereum.
Recent funding rates show the market's excitement for SOL, but have now returned to neutral levels, helping to mitigate the risk of excessive leverage. With on-chain metrics and TVL growth, SOL has the potential to reach new historic peaks if this momentum is maintained.
