Key takeaways
- Solana slipped 1.4% and is trading above $230.
- The coin could reach a new all-time high as on-chain and derivatives data turn positive.
The SOL rally may be driven by positive on-chain and derivatives metrics
SOL, the native token of the Solana blockchain, has gained 11% over the past seven days, making it one of the top 10 best performers. The recent rally pushed SOL above the $230 level, and analysts are now forecasting higher price targets for the token.
Data from DeFiLlama shows Solana’s stablecoin market capitalization currently sits at $15.11 billion. That figure has risen steadily since mid-September, contributing to the recent uptick in activity on the network.
Solana’s Total Value Locked (TVL) has also increased, moving from $10.78 billion on September 28 to $12.69 billion today, approaching its all-time high of $13.02 billion. Rising TVL suggests growing usage and engagement across the Solana ecosystem, including memecoins, DeFi protocols and stablecoins, as more users deposit and utilize assets within SOL-based platforms.
On the derivatives side, Solana’s OI-weighted funding rate indicates traders are increasingly betting on higher SOL prices over the short to medium term. According to CoinGlass, the open-interest-weighted funding rate turned positive on Saturday and sits at 0.0052% this Monday. Historically, periods with positive funding rates have coincided with strong upward moves in SOL’s price.
Bulls aim for a fresh all-time high
The SOL/USD 4-hour chart remains bullish and well-structured after Solana found support near the 61.8% Fibonacci retracement level at $193.52 late last month. Since then, the token has gained about 18% and is currently trading around $233 per coin.
A 58 RSI indicates bulls have regained control, while the MACD lines sit above neutral—both signals of bullish bias. If the $230 support level holds, SOL could extend higher and attempt a new record above $295. To sustain short-term upward momentum, the RSI should remain above 50.
Conversely, if SOL undergoes a correction following the recent rally, it could pull back toward the 50-day exponential moving average (EMA) at $213.36. The $203 support level is likely to hold in the near term.