BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Bullish Solana Metrics Hint at Potential Rally – $200 Price Target?

by Sham
October 29, 2024
in CRYPTO
Reading Time: 4 mins read
A A
2
SHARES
33
VIEWS
Share on XShare in TelegramShare on Reddit

• Solana (SOL) price hits 3-month high above $180, hinting at a potential rally above $200
• On-chain data shows a steady rise in Solana’s total value locked (TVL), reaching a 2-year high
• Solana has surpassed BNB Chain to become the second-largest network in terms of liquid TVL, trailing only Ethereum

Solana’s price has hit $180 as Bitcoin storms toward a new all-time high. Data suggests SOL can go higher.

JUST IN: Solana $SOL reclaims $180 for the first time since July 🚀 pic.twitter.com/XeRxKPAMDw

— BlockNews.com (@blocknewsdotcom) October 29, 2024

Recent Price Action

Solana (SOL) trades above $180 again after struggling to recapture the level for nearly 3 months. The month-long 16.3% gain to $183 comes alongside Bitcoin (BTC) rallying within $1,000 of its all-time high, but does Solana-specific data support a move to higher levels?

Growing Total Value Locked

Onchain and derivatives metrics indicate that Solana’s bull run may be just beginning, with the potential for further gains toward $200 and higher. Data shows a steady rise in the Solana network’s total value locked (TVL), as the amount secured in its smart contracts hit a 2-year high.

On Oct 26, deposits on the Solana network reached 425 million SOL, the highest since September 2022. Key contributors include Jupiter, which saw a 13% increase in deposits over the last 30 days, Raydium with an 18% increase, and Sanctum with a 17% inflow during the same period.

High Decentralized Application Usage

Solana has now surpassed BNB Chain to become the second-largest network in terms of liquid TVL, although it still trails behind Ethereum. The gap has been narrowing in recent years. A recent example of Solana’s growth is the launch of Binance’s SOL liquid staking service, which currently ranks tenth in the Solana ecosystem, suggesting more potential for growth.

In comparison, Ethereum’s TVL increased by 2% over the past 30 days while BNB Chain declined by 5%. It’s important to note that looking solely at deposit figures can be misleading, as many decentralized applications (DApps) including games, collectibles, Web3 infrastructure, social networks, and marketplaces do not require large deposit bases.

Solana has recently surpassed Ethereum to lead in decentralized exchange (DEX) volumes, maintaining this position with a 19% increase over the past seven days. In contrast, Ethereum’s activity surged by 6% while BNB Chain declined by 3%. Overall, Ethereum’s layer-2 ecosystem volumes rose by 5% during the same period, making Solana the clear winner.

Sustainable Growth Factors

Notable contributors within the Solana ecosystem include Raydium, which gained 20%, Lifinity with a 49% increase in volumes, and Phoenix adding 34% activity in just seven days. A significant portion of Solana’s increased flows can be attributed to the memecoin sector, raising questions about the sustainability of this growth.

While it’s impossible to predict how long the memecoin rally will last, history shows that only a few can maintain value over the long term. Notable exceptions include Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF).

Low Leverage Use

In addition to onchain metrics, the lack of excessive leverage in SOL futures suggests that the rally to $182 on Dec 29 is merely the initial phase of a broader bull cycle.

The current funding rate of 0.001% indicates that long positions (buyers) are paying for leverage, equating to approximately 0.9% per month. In times of high demand from retail buyers, this rate can exceed 2.1% per month, thus the current level is considered neutral. When combined with the positive onchain metrics, this data points to healthy SOL spot buying activity, leaving room for potential gains toward $200 and higher.

Conclusion

The recent price surge, growing usage metrics, and low leverage levels all point to the possibility of Solana retesting its all-time highs in the near future. While some factors like memecoin growth may be temporary boosts, the broader ecosystem metrics indicate genuine adoption and development that could support further upside for SOL.

Tags: all-time highBitcoinbullishSOLSolana
Tweet1ShareShare
Previous Post

Massive Bitcoin Short Squeeze Sends Bitcoin to Near All Time Highs

Next Post

Cardano Misses Market Gains, but a Rally Could be Around the Corner with the Help of Bitcoin

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.