The price of Solana (SOL) has increased by 13% over the past seven days, trading at $210 today (November 15).

According to data from TradingView, Solana’s price has rallied from a low of $156 on November 5, climbing as much as 43% to reach a two-year high of $225 on November 12. This has fueled hopes among traders that the layer-1 blockchain token could continue its rally and approach its all-time high of $260, especially after Bitcoib broke through the $90,000 mark and hit a new high of $93,500.

This bullish momentum is in line with the broader crypto market recovery trend and is supported by strong fundamentals within Solana’s ecosystem.

SOL Price Underpinned by Solid On-Chain Indicators

SOL’s positive performance over the past week can be attributed to increased investor confidence, fueled by Solana’s on-chain activity. This is evident in the increase in weekly trading volume on Solana’s decentralized exchanges (DEXs).

Weekly DEX trading volume on Solana hit an all-time high of $26.1 billion in the week ending November 11, up 43% from $18.1 billion the previous week. Notably, Solana now holds a 37% market share, surpassing leading DApp-focused blockchain Ethereum, which recorded $13 billion in DEX volume during the same period.

Solana Weekly DEX Volume | Source: DefiLlama

Solana also saw an increase in total value locked (TVL) across its smart contracts, indicating a significant increase in user engagement and demand for the SOL token.

Data from DefiLlama shows that Solana's TVL rose to $7.9 billion on November 13, up 460% year-to-date and reaching its highest level since December 2021. Key DApps such as Jito, Raydium, Marinade, and Binance's liquidity staking service have contributed significantly to the surge in total deposits on Solana.

Total value locked on Solana, USD. Source: DefiLlama

These on-chain metrics provide clear evidence that this layer-1 network is attracting users beyond the memecoin hype, suggesting that the SOL price is likely to continue growing.

Solana Open Interest Hits All-Time High

SOL’s price surge over the past week has been accompanied by a sharp increase in leveraged positions, as total open interest (OI) for Solana futures hit an all-time high on November 12.

According to data from CoinGlass, the open interest of SOL futures contracts increased to $4.54 billion on November 12, up 57% from the previous week. This shows strong acceptance of SOL derivatives products, reflecting growing interest from institutions, although it also comes with potential risks.

Solana futures aggregate open interest, SOL. Source: CoinGlass

Although the risk of forced liquidation increases if SOL price corrects, derivatives data still shows potential for future price appreciation.

Solana memecoins all surge in price

Solana's price surge coincided with a price recovery for the memecoins on its network. Many memecoins posted double-digit gains on the day, as shown below.

For instance, Dogwifhat (WIF), the largest memecoin on Solana by market capitalization, has surged more than 42% in 24 hours. Similarly, Bonk (BONK), Peanut the Squirrel (PNUT), and Popcat (POPCAT) have surged 20%, 42%, and 32% respectively over the past day, according to data from CoinGecko.

Additional data from Dune Analytics’ Pump.fun dashboard shows that SOL’s price surge was accompanied by a spike in the number of transactions on the network.

Solana Deployed Transaction Performance Chart | Source: Pump.Fun

The chart below shows that the number of daily transactions on the Solana blockchain increased from 24,140 to 36,053 between November 9 and November 13.

The increase in memecoin activity and on-chain transactions on Solana indicates high network activity and growing adoption. Increased user engagement with the platform leads to increased transaction volume and network usage, increasing demand for SOL and positively impacting its price.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Source: https://tapchibitcoin.io/3-ly-do-vi-sao-gia-solana-sap-cham-muc-cao-ky-luc-moi.html