Solana's total value locked (TVL), which has reached $10.9 billion, has surpassed that of the entire Ethereum layer-2 ecosystem. Recent data shows that Solana’s 30-day fee revenue increased by 109%, totaling $43.4 million. The price of its native token, SOL, spiked by 24.8% between May 6 and May 10, correlating with a significant rally in the altcoin market. Although SOL has faced challenges in maintaining a price above $180, various on-chain metrics indicate potential for further gains, possibly reaching $200 soon. Noteworthy TVL growth has been observed for decentralized exchanges like Raydium and Marinade. With 65% of the SOL supply staked, the rising fee revenue will likely enhance demand for SOL. Additionally, a bullish funding rate of 8% signals healthy leverage demand among traders. While SOL currently trades 40% below its all-time high, experts speculate that factors such as the approval of a Bitcoin ETF and developments in asset tokenization on Solana could serve as catalysts for future price increases.

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