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Solana’s market cap has surged to $88.72 billion, surpassing Binance Coin. Can SOL reach $281 amid growing DeFi demand and bullish price momentum?
Having overtaken Binance Coin in total market cap, Solana is now the fourth-largest cryptocurrency. With a market cap of $88.72 billion, SOL has risen by 1.80% in the past 24 hours.
Currently, SOL is trading at $188, with momentum building to break through the $200 barrier. Will this rally push Solana to a new all-time high? Let’s explore.
Solana Eyes $200 Breakout
In the daily chart, Solana has increased by 21.42% in the last eight days from a low of $155. This rally has produced three consecutive bullish candles and pushed SOL past the 78.60% Fibonacci level at $179.60.
Given the post-retest reversal following an inverted head-and-shoulders breakout, the Solana rally appears poised to continue. The broader market recovery could further fuel bullish sentiment and drive the price trend higher.
With increasing bullish momentum, both the MACD and signal lines have crossed positively. Additionally, the 100-day and 200-day simple moving averages are on the verge of a positive crossover.
Fibonacci levels suggest that the uptrend may target the $201.69 level or the 100% Fibonacci level. If the rally continues, a breakout could drive Solana to the 1.272 or 1.618 Fibonacci extension levels, which are priced at $233 and $281, respectively.
Therefore, with a price target of $281, Solana has a strong chance of setting a new all-time high.
Solana TVL and On-Chain Data Hints Bull Run
The rising demand in DeFi has boosted Solana’s Total Value Locked (TVL) to $6.667 billion. With this recent surge, the Solana network is on track to surpass its 52-week trading volume high of $7.248 billion, recorded on October 27.
Additionally, non-vote transactions on the Solana network hit 1.29 billion last month—the highest monthly total this year, just shy of the 1.37 billion transactions recorded in July.
The number of active addresses on Solana is also growing exponentially. In October, Solana registered 148 million active addresses, further indicating strong network activity.
Solana Network New AddressesAs the bullish trend continues, Solana is likely to continue this trend with healthy network numbers.