Key Points
- Solana is down 1.4% and trading above $230.
- The coin could reach a new all-time high if on-chain and derivatives metrics turn decisively positive.
The SOL rally could be triggered by positive on-chain and derivatives data
SOL, the native token of the Solana blockchain, has gained 11% in the past seven days, making it one of the top performers among the top 10 cryptocurrencies. The recent rally pushed SOL past the $230 mark, and analysts are now forecasting higher highs for the token.
Data from DeFiLlama show that Solana’s stablecoin market capitalization currently stands at $15.11 billion. This figure marks a record as the stablecoin market cap has been steadily increasing since mid-September.
Additionally, Solana’s total value locked (TVL) has risen from $10.78 billion on September 28 to $12.69 billion today, approaching the all-time high of $13.02 billion. The TVL increase indicates growing activity and interest across the Solana ecosystem, including memecoins, DeFi and stablecoin use cases. More users are depositing and using assets within SOL-based protocols.
On the derivatives side, Solana’s OI-weighted funding rate data suggest a larger share of traders are betting on short- to medium-term price gains for SOL. According to CoinGlass, the open interest-weighted funding rate flipped positive on Saturday and was 0.0052% on Monday. Historically, when funding rates turn positive, SOL’s price has tended to rise sharply.
Bulls aim to set a new all-time high
The 4-hour SOL/USD chart looks bullish and clean after Solana found support near the 61.8% Fibonacci retracement level at $193.52 late last month. Since then, SOL has gained 18% and is currently trading around $233 per token.
An RSI reading of 58 indicates bulls have regained control, and MACD lines sitting above neutral further point to bullish momentum. If the $230 support level holds, SOL could continue higher and test a new all-time high above $295. For sustained short-term upside, the RSI needs to stay above 50.
Conversely, if SOL faces a correction after its recent rally, it could fall toward the 50-day exponential moving average (EMA) at $213.36. The $203 support level is likely to hold in the short term.