Key Points
- Solana declined 1.4% and is trading above $230.
- On-chain and derivatives metrics have turned positive, suggesting the token could retest all-time highs.
SOL’s Rally Appears Driven by Positive On-Chain and Derivatives Data
SOL is the native token of the Solana blockchain and has risen roughly 11% over the past seven days, making it one of the best-performing top-10 tokens. This recent rebound pushed SOL above the $230 level, and some analysts now see the potential for new all-time highs.
Data from DeFiLlama indicates Solana’s stablecoin market capitalization is currently about $1.511 billion. That figure has been climbing steadily since mid-September.
Total value locked (TVL) on Solana has also increased, rising from $1.078 billion on September 28 to $1.269 billion today, approaching the $1.302 billion all-time high. The growing TVL reflects rising activity and interest across the Solana ecosystem — including memecoins, DeFi protocols, and stablecoins — as more users deposit and use assets on SOL-based platforms.
On the derivatives side, Solana’s open interest (OI) weighted funding rate shows that more traders are betting on short- to medium-term price gains. According to CoinGlass data, the OI-weighted funding rate turned positive on Saturday and stood at 0.0052% on Monday. Historically, when SOL’s funding rate flips positive, the token has often experienced significant upward moves.
Bulls Target New All-Time Highs
The SOL/USD 4-hour chart shows bullish momentum after Solana found support near the 61.8% Fibonacci retracement around $193.52 late last month. Since that low, SOL has gained about 18% and is currently trading near $233 per coin.
The Relative Strength Index (RSI) sits around 58, indicating bulls have regained control, while the MACD lines are above neutral and point to bullish bias. If the $230 support level holds, SOL could continue its rebound and challenge a new all-time high above $295. To sustain the short-term uptrend, SOL needs to remain above the 50 level on the RSI.
Conversely, if SOL faces a pullback after the recent rally, it could fall toward the 21-period exponential moving average (EMA) near $213.36. The $203 support zone may provide additional near-term protection for prices.