Peanut

Solana

Peanut the Squirrel

Bonk

Solana’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="null" target="null" text="null" title="null">SOL</a>) price is up 13% over the last seven days to trade at $218 on Nov. 14.&nbsp;
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="" target="_self" text="null" title="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="nofollow noopener" target="_blank" text="null" title="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE">TradingView</a> showed Solana’s price rose from a low of $156 on Nov. 5, climbing as much as 43% to reach a two-year high of $225 on Nov. 12. This has sparked optimism among traders that the layer-1 blockchain’s token could continue its ascent toward the all-time high of $260, especially after Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) crossed the $90,000 mark to set a fresh all-time high at $93,434.&nbsp;
<figure>
 <img alt="3 reasons why Solana price is on the verge of new all-time highs" src="https://s3.cointelegraph.com/uploads/2024-11/01932b51-c417-77b1-81a3-1e1ac321098b" title="">
 <figcaption style="text-align: center;">
 SOL/USD daily chart. Source: TradingView
 </figcaption>
</figure>
The upward momentum aligns with a broader cryptocurrency market rally and strong fundamentals within the Solana ecosystem.
Let’s look at the factors that could drive SOL toward its all-time highs.
<h2 id="strong-sol-s-price-backed-by-strong-onchain-metrics-strong">SOL’s price backed by strong onchain metrics</h2>
SOL’s bullish performance over the last week could be attributed to increased investor confidence fueled by Solana’s onchain activity, evidenced by increasing weekly volumes of Solana-based decentralized exchanges (DEXs).
Weekly DEX volumes on Solana surged to an all-time high of $26.1 billion in the week ending Nov. 11, representing a 43% increase from the previous week’s $18.1 billion. Notably, Solana commands a 37% market share, surpassing even the leading <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-are-dapps-everything-there-is-to-know-about-decentralized-applications" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/what-are-dapps-everything-there-is-to-know-about-decentralized-applications">decentralized application (DApp)</a>-focused blockchain, Ethereum, which recorded a DEX volume of $13 billion during the week ending Nov. 11.
<figure>
 <img alt="3 reasons why Solana price is on the verge of new all-time highs" src="https://s3.cointelegraph.com/uploads/2024-11/01932b52-82ac-7ebb-99c8-241440f105d2" title="">
 <figcaption style="text-align: center;">
 Solana weekly DEX volumes, USD. Source: DefiLlama
 </figcaption>
</figure>
Solana has also witnessed an increase in the <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-total-value-locked-tvl-in-crypto-and-why-does-it-matter" rel="" target="_self" text="null" title="https://cointelegraph.com/explained/what-is-total-value-locked-tvl-in-crypto-and-why-does-it-matter">total value locked (TVL)</a> in its smart contracts, suggesting increased user interaction and demand for the SOL token.
Additional data from DefiLlama showed that the TVL on Solana escalated to $7.9 billion by Nov. 13, representing a 460% increase year-to-date and marking the highest since December 2021. Key DApps) such as Jito, Raydium, Marinade and Binance’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-liquid-staking-and-how-does-it-work" rel="null" target="null" text="null" title="null">liquid staking</a> significantly contributed to the growing deposits on Solana.
<figure>
 <img alt="3 reasons why Solana price is on the verge of new all-time highs" src="https://s3.cointelegraph.com/uploads/2024-11/01932b52-ebb0-7caf-8847-43eaeeacfca9" title="">
 <figcaption style="text-align: center;">
 Total value locked on Solana, USD. Source: DefiLlama
 </figcaption>
</figure>
These onchain metrics provide credible evidence that the layer-1 network has attracted users beyond the memecoin craze, suggesting that SOL’s price may see further upside.
<h2 id="strong-solana-open-interest-hits-all-time-highs-strong">Solana open interest hits all-time highs</h2>
SOL’s price growth over the past week was accompanied by an uptick in leveraged positions, with the aggregate <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-open-interest-in-the-crypto-futures-market" rel="" target="_self" text="null" title="https://cointelegraph.com/explained/what-is-open-interest-in-the-crypto-futures-market">open interest (OI)</a> for Solana futures reaching an all-time high on Nov. 12.
According to data from CoinGlass, SOL futures open interest surged to $4.54 billion on Nov. 12, a 57% increase from the previous week. This reflects a strong adoption of SOL derivatives, suggesting rising institutional interest but also introducing potential risks.
<figure>
 <img alt="3 reasons why Solana price is on the verge of new all-time highs" src="https://s3.cointelegraph.com/uploads/2024-11/01932b53-88d1-7787-86f5-e44fdbe2227c" title="">
 <figcaption style="text-align: center;">
 Solana futures aggregate open interest, SOL. Source: CoinGlass
 </figcaption>
</figure>
Despite the higher risk of forced liquidations in the event of a SOL price correction, derivatives data points to further upside potential.
<h2 id="strong-solana-based-memecoins-flash-green-strong">Solana-based memecoins flash green</h2>
Solana’s rally on Nov. 14 coincides with an ongoing correction in the prices of <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-open-interest-in-the-crypto-futures-market" rel="null" target="null" text="null" title="null">memecoins</a> on its network. Most are posting double-digit daily gains, as shown in the figure below.
<figure>
 <img alt="3 reasons why Solana price is on the verge of new all-time highs" src="https://s3.cointelegraph.com/uploads/2024-11/01932b55-1a55-7b04-b833-53df175396ea" title="">
 <figcaption style="text-align: center;">
 Solana-based tokens performance. Source: CoinGecko
 </figcaption>
</figure>
For instance, Dogwifhat (<a data-ct-non-breakable="null" href="https://cointelegraph.com/dogwifhat-price-index" rel="null" target="null" text="null" title="null">WIF</a>), the leading Solana memecoin by market capitalization, has rallied over 42% over a 24-hour timeframe. Similarly, Bonk (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bonk-price-index" rel="null" target="null" text="null" title="null">BONK</a>), Peanut the Squirrel (PNUT) and Popcat (<a data-ct-non-breakable="null" href="https://cointelegraph.com/popcat-sol-price-index" rel="null" target="null" text="null" title="null">POPCAT</a>) have risen by 20%, 42% and 32%, respectively, over the past day, according to data from CoinGecko.
Additional data provided by Dune Analytics dashboard Pump.fun reveals that SOL’s price growth on Nov. 14, in particular, was preceded by a sharp increase in the number of transactions deployed on the network.
The chart below shows that daily transactions on the <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/solana-sol-ecosystem-overview" rel="null" target="null" text="null" title="null">Solana blockchain</a> increased from 24,140 to 36,053 between Nov. 9 and Nov. 13.&nbsp;
<figure>
 <img alt="3 reasons why Solana price is on the verge of new all-time highs" src="https://s3.cointelegraph.com/uploads/2024-11/01932b55-d27e-70bc-ab0b-3dec171cf39b" title="">
 <figcaption style="text-align: center;">
 Solana’s deployed transactions performance chart. Source: Pump.Fun
 </figcaption>
</figure>
The increase in memecoin activity and onchain transactions on Solana indicates high network activity and growing adoption. More user interaction with the platform leads to increased transactions and network usage, increasing demand for SOL and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-price-hits-2-year-high-is-a-new-sol-all-time-high-on-the-way" rel="" target="_self" text="null" title="https://cointelegraph.com/news/solana-price-hits-2-year-high-is-a-new-sol-all-time-high-on-the-way">positively impacting its price</a>.&nbsp;
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

3 reasons why Solana price is on the verge of new all-time highs

Table of Contents

Cointelegraph

Other articles published on Nov 14, 2024

6 Best Altcoins To Invest In Today November 14 – Bitget Token, MANTRA, Toncoin, Quant

Low-Cost Memecoins Ready to Take Off After Dogecoin—Don’t Miss These Opportunities!

Ethereum Whale Activity Skyrockets — Will Prices Follow?

Spot BTC ETFs Takes $4.7b Inflows In 6 Days As Bull Run is On

Tether Introduces Hadron, the Platform to Tokenize Anything

Pro-XRP Lawyer States Two Key Reasons Why Bitcoin Will Sustain Rally

Join our free newsletter for daily crypto updates!