Solana’s real economic value reached 111% of Ethereum’s in October, driven by DeFi growth and innovative projects like Hivemapper and Helium.
Solana (SOL ($249.29)) has surged 36% in recent weeks, reaching $213. However, it now faces a critical test at the $221 resistance level. Recent data highlights strong network activity and staking growth, but questions remain about sustaining the momentum.
The Solana network has seen a sharp rise in decentralized exchange (DEX) volumes. Data from DeFiLlama shows daily DEX trading surpassed $5 billion for three consecutive days last week, totaling $16 billion between November 10 and 15. Raydium contributed 62% of this activity, followed by Orca with 22%.
Staking activity is also driving optimism. Over $8 billion worth of SOL is now staked, effectively reducing selling pressure and boosting price stability. This marks one of Solana’s strongest metrics during its current rally.