Key Points
- Solana dipped 1.4% and is trading above $230
- The token could push to a new all-time high as on-chain metrics and derivatives turn positive
Solana’s rally may be fueled by positive on-chain data and derivatives
SOL, the native token of the Solana blockchain, has risen about 11% over the past seven days, making it one of the top-performing tokens among the top ten by market cap. That rally helped SOL reach roughly $230, and analysts now expect the coin could set a new all-time high.
Data from DeFiLlama shows Solana’s stablecoin market capitalization currently stands at $15.11 billion. This figure reflects steady growth in stablecoin market value since mid-September.
Meanwhile, Solana’s total value locked (TVL) has climbed from $10.78 billion on September 28 to $12.69 billion today, approaching its all-time high of $13.02 billion. Rising TVL signals increased activity and growing interest across Solana’s ecosystem—spanning memecoins, DeFi, and stablecoins—as more users deposit and utilize assets within SOL-based protocols.
On the derivatives side, Solana’s OI-weighted funding rate indicates more traders are betting on higher SOL prices in the short to medium term. According to CoinGlass, open interest flipped the funding rate positive on Saturday and read 0.0052% on Monday. Historically, when funding turns positive, SOL has experienced rapid price appreciation.
Bull market aims for a new all-time high
The 4-hour SOL/USD chart shows bullish momentum after Solana found support near the 61.8% Fibonacci retracement at $193.52 late last month. Price has since climbed roughly 18% and is now trading near $233 per token.
The RSI at 58 suggests bulls have regained control, while the MACD sits above the neutral zone, reinforcing a bullish bias. If support around $230 holds, SOL could rally toward a new all-time high above $295. For sustained upward momentum in the near term, RSI needs to remain above 50.
Conversely, if SOL undergoes a pullback after the recent move higher, it could drop toward the 50-day exponential moving average (EMA) at $213.36. Support near $203 is likely to remain relevant in the short term.