- Solana has surged in total value locked (TVL), significantly outpacing competitors, with its ecosystem growing through decentralized applications like Jito and Raydium.
- Despite price dips, futures markets show growing optimism for SOL’s future, with traders betting on a significant price rally, potentially reaching $300.
Solana’s total value locked (TVL) surged by 48% in the last 30 days, significantly outpacing competitors like BNB Chain and Tron, which grew by 14% and 13%, respectively. As predicted in a recent CNF update, it was discussed how SOL could reach $400 in the next market rally.
In this article, we will learn that key contributors to this rise include Jito liquid staking with $3.4 billion (+44%), Jupiter decentralized exchange at $2.4 billion (+50%), and Raydium at $2.2 billion (+58%). This uptick reflects Solana’s rapidly expanding decentralized application (DApp) ecosystem and increasing demand for SOL tokens.
Solana and Ethereum Carve Distinct Niches
Data reveals that Solana and Ethereum are thriving in separate spaces. While Ethereum dominates decentralized finance (DeFi), Solana leads in memecoin launches and trading. Notably, three of Solana’s top-performing DApps—Raydium, Jito, and Pump.fun—outshine Ethereum’s Lido, Uniswap, and Aave in gross revenue.
However, more than Solana’s heavy reliance on speculative memecoins, such as BONK and MEW, introduces potential volatility, as their rapid gains may not be sustainable long-term.
Traders Bet Big on SOL’s Future Growth
As shared in a recent tweet by John Morgan, it was revealed that Solana heading to buy zone at $210-SOL price targeting the price of $300.
Solana Heading to Buy Zone at $210-SOL Price Target of $300 Remains Intact Despite Mounting Bearish Pressurehttps://t.co/Y7lhCPHqI6
— John Morgan (@johnmorganFL) November 27, 2024
Despite a 10% dip in SOL’s price between November 23 and 27, the futures market shows growing optimism. Specifically, traders are paying an annualized 23% premium to hold long positions, the highest in seven months. With SOL trading at a market capitalization of $113.7 billion—73% lower than Ethereum’s $429.4 billion—the potential for further price growth remains significant.
As of now, Solana (SOL) is trading at the price of $240.80, increased by 4.94% in the past day and 0.09% in the past week. See SOL price chart below. If momentum continues, Solana could be on track to reach the $300 milestone, cementing its position as a leading blockchain network.
