Despite a sell-off in the crypto market affecting Bitcoin and other altcoins, Solana's fundamentals and increasing institutional interest suggest a potential recovery of its token, SOL, back to $200. Solana has established itself as a leading decentralized exchange ecosystem, with $111.5 billion in 30-day volumes, surpassing Ethereum's $93.1 billion. Additionally, the total value locked (TVL) on Solana rose by 20% over two months to $12.1 billion. The network generated $35.6 million in fees over the last month, contributing to strong demand for SOL, which benefits from low transaction costs. Institutional interest is also growing, evidenced by an increase in SOL futures open interest to $10.7 billion and substantial ETP investments. The market's reaction to a price drop, while raising fears of a bearish trend, does not reflect Solana’s robust environment. Factors such as rising trading volumes, TVL growth, and institutional adoption are expected to drive SOL back toward higher levels, potentially reaching the $200 mark.

Source 🔗