As Bitcoin (BTC) entered the price discovery phase following the historic victory of Donald Trump and other pro-crypto candidates in the US Senate and House of Representatives, the altcoin market – led by Dogecoin (DOGE), Ethereum (ETH), and Solana (SOL) have gained significant bullish momentum. According to the latest market data, Solana’s price has rallied over 30 percent in the past 30 days to trade at about $187 on Thursday, November 7, during the early New York session.
What Next for Solana Price
Following the notable surge in the recent past, the large-cap altcoin, with a fully diluted valuation of about $110 billion and a daily average traded volume of over 6 billion, has successfully broken out of a macro consolidation. However, SOL price must consistently close above the weekly falling logarithmic trend to invalidate a potential fakeout.
According to a popular trader Peter Brandt, SOL price is well poised to follow Bitcoin in price discovery in the near term. Moreover, the SOl/ETH pair is already in the price discovery phase, signaling heightened demand for Solana compared to Ethereum.
What’s Fueling SOL Bulls?
The Solana network has emerged as a top contender in the web3 space and real-world assets tokenization. According to the latest market data as of this report, the Solana network had a total value locked of about $6.6 billion and a stablecoins market cap of around $3.7 billion.
With over 5.1 million daily active addresses, the Solana network has outperformed the Ethereum network registering around 374k active addresses in the past 24 hours. The Solana perps volume experienced a sharp uptick to hit a new daily all-time high, with about $2.28 billion traded in the last 24 hours. The Jupiter DEX led the other Solana-based DeFi with around $1.87B, thus accounting for around 82 percent of the total volume.
