Solana's native token, SOL, recently surpassed the $200 mark, reaching $205 with an impressive 18% rally in just two days. However, traders remain uncertain about whether SOL can continue this upward trend towards $250, as market data shows mixed signals. Although Solana's on-chain activity has increased by 48% over the past month, indicating a growing user base, its decentralized exchange (DEX) volumes have dropped, reflecting caution among traders. Current trading metrics display a perpetual futures funding rate hovering near 12%, suggesting a lack of strong bullish sentiment. Despite these indicators, analysts note that the absence of excessive leverage might provide a foundation for a more sustainable rally if retail interest and institutional investments rise. The potential success of SOL in achieving new highs appears contingent on broader market participation and regulatory advancements for a Solana ETF, enhancing the prospect for increased trading activity.

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