Key Points
- Solana has dipped 1.4% and is trading above $230.
- The coin could move toward a new all-time high as on-chain and derivatives metrics turn positive.
SOL’s Rally May Be Driven by Positive On-Chain and Derivatives Data
SOL, the native token of the Solana blockchain, has gained roughly 11% over the past seven days, making it one of the top-performing cryptocurrencies among the top 10 by market cap. That momentum pushed SOL above the $230 mark, and some analysts now see potential for fresh all-time highs if the current trends continue.
Data from DeFiLlama shows Solana’s stablecoin market capitalization currently sits at about $15.11 billion. This figure reflects a steady increase in stablecoin supply on Solana since mid-September, signaling greater use of the network for dollar-pegged tokens.
In addition, total value locked (TVL) on Solana has climbed from $10.78 billion on September 28 to approximately $12.69 billion today, approaching a prior peak near $13.02 billion. The rising TVL points to growing activity across the Solana ecosystem—ranging from meme coins and DeFi protocols to stablecoins—and indicates more users are depositing assets into SOL-based protocols.
On the derivatives side, open interest-weighted funding rate data for Solana suggests an increasing number of traders are betting on higher SOL prices in the short to medium term. According to CoinGlass, funding rates moved into positive territory on Saturday and were reading 0.0052% on Monday. Historically, a shift to positive funding has coincided with rapid upward price moves for SOL.
Bulls Target a New All-Time High
The 4-hour SOL/USD chart shows that Solana found support around the 61.8% Fibonacci retracement level at $193.52 toward the end of last month, which marked a bullish turning point. Since then, the token has gained roughly 18% and is trading near $233 at the time of writing.
An RSI reading of 58 indicates bulls have regained control, while the MACD line sits above the neutral zone, reinforcing a bullish bias. If the $230 support level holds, SOL could continue its advance and attempt to break above the previous all-time high around $295. For sustained upside momentum, however, the RSI needs to remain above 50.
On the downside, if SOL experiences a corrective phase after the recent rally, it could pull back toward the 50-day exponential moving average (EMA) near $213.36. The $203 support level remains a likely short-term floor should selling pressure intensify.