Solana’s onchain and derivatives data suggest that SOL could make a run back toward its all-time high in the short term.
Solana's native token, SOL (SOL), has surged 8% since falling to $222 on Nov. 26. Despite this recovery, some investors remain skeptical, citing the sharp correction from its all-time high of $263.80 on Nov. 23 as a potential sign of a faltering bull run. However, onchain and derivatives data suggest that SOL still holds significant upside potential.
SOL/USD (blue) vs. altcoin market cap (purple). Source: TradingView /Cointelegraph
Investor frustration partly stems from SOL’s modest 1% gain between Nov. 20 and Nov. 27, during which the broader altcoin market capitalization climbed 12%. Several tokens outperformed significantly, with Stellar (XLM), Celestia (TIA), Fantom (FTM), Uniswap (UNI), and Polkadot (DOT) posting gains of 40% or more during the same period.
