Solana Soars Above $200: 3 Main Factors Driving This Rally

Solana (SOL) is experiencing a massive rally, surpassing $200 for the first time since December 2021, marking a major milestone for the blockchain and decentralized finance (DeFi) industries.

Here are three main reasons for this Boarding A look at Solana's future path:

Ecosystem Growth Decentralized finance DeFi on the Solana network

First of all, take advantage of having Solana on the ground Decentralized finance With a strong presence. It overtook Arbitrum, taking the fourth largest position in the DeFi blockchain network.

Also according to DeFiLlama data, Solana has a total value locked (TVL) of over $4.21 billion. This number represents a 127% increase in just one month. This increase places Solana at the forefront of DeFi network growth.

Second, DEX trading volume on Solana has increased significantly. Supported by the growing popularity of meme currencies such as Solama And meme book And BonkDEX platforms on Solana are now leading in trading volume.

Solana's daily trading volume reached $3.085 billion, surpassing Ethereum's $2.037 billion. Notably, Raydium, Jupiter and Orca, the main DEXs on Solana, processed significant transaction volumes.

Its success is also largely due to Solana's low transaction fees. As a result, it has attracted a large user base and developer interest, far beyond traditional Ethereum platforms.

Finally, the growth of the Solana betting ecosystem is impressive. I reported Marinade Finance reported over $2.16 billion in pledged assets, a 66% jump in 30 days. Followed by Jito and BlazeStake, which have significant assets.

It also mattered Data Coinbase, over 65% of Solana was staked, highlighting the community's commitment to the network's success. Additionally, this also indicates a temporary reduction in the circulating supply of Solana.

Solana's price rise to over $200 coincided with the peak interest Search for it on Google Trends. This reflects the increased public interest and growing popularity of the platform. Interestingly, Solana has overtaken Ethereum in terms of global search interest, demonstrating its growing influence in the market.

books CEO of Helius Labs on X: "(This is) much bigger news than people think."

However, it now faces resistance between $200 and $205, a critical moment that could determine its price trajectory.

If Solana closes above the resistance level daily, there will be few obstacles in setting new records. Meanwhile, the market capitalization of Solana coin has already surpassed previous records.