🚀💰 ¡$SOL A $200? Increase in DeFi activity and TVL drive optimism in Solana.
Activity on the network #solana and its DeFi ecosystem is booming, suggesting that the price of SOL could have more upward momentum. Despite some difficulty in staying above $180 after surpassing $100, on-chain and derivatives data point to future gains. 📈
The total value locked (TVL) in Solana has reached $10.9 billion, even surpassing the entire layer 2 ecosystem of $ETH (including Base, Arbitrum, and Avalanche). This notable growth in TVL, with significant increases on platforms like Raydium, Jito, and Marinade, reflects strong adoption of its DeFi. 🌐
Revenue from transaction fees on the Solana network has also experienced steady growth, reaching $43.3 million in the last 30 days, a 109% increase compared to the previous month. This increase in fees, along with 65% of the SOL supply being staked, drives demand and upward price momentum. 🔥
The funding rate for SOL perpetual futures currently stands at a healthy 8%, indicating consistent demand for leverage from buyers. Although #sol is still 40% below its all-time high of $295, the increase in network activity suggests it could soon reach $200, potentially outperforming its competitors. 🎯
Possible catalysts for this rally include the potential approval of a spot Solana ETF in the U.S., its possible inclusion in strategic state-level digital asset reserves, and optimism surrounding the tokenization of traditional assets on the Solana network. 🌟
Do you think SOL will reach $200 soon? What catalyst do you consider most likely to drive its price?
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