NAIROBI (CoinChapter.com) — Solana (SOL) could be on track to reclaim its all-time high as robust onchain activity and trading data highlight strong market momentum. After recovering from a sharp sell-off to $222 on Nov. 26, SOL is now trading at $237.49, sparking optimism among investors eyeing a potential breakout.
Onchain Activity and DEX Volumes Hit New Peaks
Solana’s total value locked (TVL) jumped by 48% in November, hitting $12 billion. Key contributors included Jito’s liquid staking ($3.4 billion), Jupiter DEX ($2.4 billion), and Raydium ($2.2 billion). These platforms recorded growth rates of 44%, 50%, and 58%, respectively, highlighting the network’s expanding ecosystem.
November saw Solana’s DEX volume surpass $100 billion, nearly doubling Ethereum’s $55 billion. The network also hit a daily peak of $7.14 billion and a weekly high of $41.6 billion, driven by its memecoin frenzy and user-friendly infrastructure.
Active addresses on Solana (SOL) reached a record 25 million, reflecting growing adoption. Analysts attribute this surge to the network’s efficiency, low fees, and its ability to attract decentralized application (DApp) developers.
Derivatives Data Signals Optimism for SOL
In the derivatives market, SOL’s two-month futures premium reached an annualized 23%, its highest in seven months.
Solana’s onchain activity and derivatives data point to the potential for further price gains. With a market capitalization of $113.7 billion, SOL is valued at a 73% discount compared to Ethereum’s $429.4 billion, suggesting plenty of room for growth.
Notably, three of the top five highest-grossing DApps operate on Solana, surpassing even some of Ethereum’s most popular projects.
Can Solana Hit $300?
Moreover, Solana’s price has recovered 8% from its recent low of $222, now trading at $237.49. This rebound comes after a sharp drop from its all-time high of $263.80 on Nov. 23. Onchain and market data indicate room for further growth.
Crypto analyst Carl Runefelt, known as The Moon Carl, pointed to a key pattern on Solana’s chart. He highlighted a breakout from a symmetrical triangle, a bullish structure often signaling upward momentum. Runefelt suggested this breakout could push SOL to $300, a move he believes would “destroy bears” and reignite market optimism.
While speculative memecoin trading has fueled activity, its long-term impact remains uncertain. Above all, for now, Solana’s technical signals and strong fundamentals suggest it could challenge its all-time high and potentially reach $300.
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