Solana gains alongside Bitcoin’s US election-related rally, and data hints that SOL price could hit $200.
Solana’s native token SOL (SOL) opened the day with a 5.3% gain to trade slightly above $167. The move accompanied Bitcoin’s (BTC) US election day rally to $70,550, and for many traders, the desired target for SOL rests closer to $200.
Currently, onchain data and derivatives market metrics suggest that SOL’s rally could continue in the short-term.
Solana continues to lead in decentralized exchange (DEX) volumes, a clear indicator of user activity and transaction fees, both of which are crucial for fostering sustainable growth and encouraging further project and trader adoption.
