Solana's native token, SOL, experienced a 35% increase from October 5 to 11, reaching its highest level since December 2021 at $222. This movement has heightened traders' interest in the potential for a new all-time high.
SOL's Rapid Price Surge
SOL outperformed the broader altcoin market, which saw a 33% increase. Investors' optimism regarding SOL is partly fueled by the expansion in Solana's smart contract activity, as evidenced by the total value locked.
Solana Network Activity
The total value locked on Solana escalated to $7.6 billion by October 10. Key decentralized applications like Jito, Raydium, and Drift significantly contributed to a 36% growth in deposits, indicating activity increase beyond just memecoins.
Potential Records and Metrics Analysis
The spike in Solana's DEX volume saw trades reaching $17.1 billion in the week ending November 2, capturing a 26% market share. These results highlight Solana's success in attracting users beyond the memecoin frenzy.
Analysis of on-chain metrics and SOL futures shows strong network activity and no signs of excessive leverage, which could support SOL in reaching a new all-time high.
