Solana (SOL) recently touched $211, which is its highest price in more than six months, before falling again by 16% to $180. The dip caused concerns about a bigger bearish crash, but on-chain and institutional data tell something promising.
Solana has strengthened its place as the second-largest decentralized exchange ecosystem by hitting $111 billion in 30 day volumes. This figure even outpaced the figures for Ethereum’s combined layer-2 networks.
Its total value locked has climbed to $12 billion, a 21% pump in just two months with top decentralized applications such as Kamino, Jupiter and Raydium driving the activity. Also, Solana ranked third in network fees at $35 million over 30 days, which is a 22% increase compared to the month before.
Futures interest has grown to $10.7 billion, which means institutional participation. With analysts forecasting that the SEC may approve Solana spot ETFs this year, a price rally back to $200 is widely anticipated.
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