Solana's native token, SOL, experienced a significant surge of 22.5% between November 5 and November 7, reaching its highest price in seven months.

On November 7, 2024, the aggregate open interest for Solana futures reached an all-time high of 21.1 million SOL, marking an 11% increase from the previous week and a total nominal value of $4 billion.

Despite speculation that the rise in SOL is primarily driven by memecoins, the total value locked (TVL) in Solana hit $6.64 billion on November 7, reflecting a robust 22% growth from the previous month.

The bullish momentum for SOL is partly attributed to President-elect Donald Trump's victory and the Republican party's control of the Senate, which could lead to favorable regulations for the cryptocurrency sector.

Market analysts maintain a bullish outlook for Solana, suggesting that continued gains are possible if the current market momentum remains uninterrupted.

As long as on-chain metrics stay strong and sentiment around SOL derivatives remains balanced, Solana's advantages in transaction speed and cost-effectiveness are likely to attract more users.

The current 8-hour SOL funding rate stands at 0.017%, indicating a neutral-to-bullish market sentiment, which suggests potential for further price increases.

Analysts are monitoring the $210 resistance level, which could present challenges for further price increases; a breakout above this level could lead to targets around $225.

The rise in futures open interest reflects strong adoption of SOL derivatives, indicating increased institutional interest, though it also raises concerns about potential risks from forced liquidations.

Increased staking activity has reduced the supply of SOL available for trading, which can drive prices higher and enhance the network's security, particularly important given Solana's history of outages.

In November alone, investors have staked an additional 4.93 million SOL, valued at approximately $1.3 billion, demonstrating a strong bullish sentiment among key stakeholders.

As of November 7, the total value of staked SOL rose from 393 million to 397.93 million, indicating a solid commitment from investors despite the recent price increases.