Solana’s native token SOL surged 24.8% between May 6 and May 10, following the broader altcoin market rally after Bitcoin broke above $100,000. Since then, SOL has struggled to stay above $180, but derivatives and onchain data still suggest further gains are in store. While Solana ranks the fifth largest cryptocurrency by market capitalization, Solana Network is the vice-leader in key onchain metrics including the total value locked (TVL). Solana’s $10.9 billion TVL surpasses the entire Ethereum layer-2 ecosystem, which includes Base, Arbitrum, and Optimism. Notable 30-day TVL increases for Solana include Raydium DEX, up 78%, Jito liquid staking solution, up 41%, and Marinade, which gained 56%. Gaining traction in decentralized finance (DeFi) does not always translate into demand for the native token, but Solana’s rising fee revenue is boosting SOL demand and momentum. Solana’s DApps revenues and chain fees have shown consistent growth over the past four weeks, approaching their highest levels in three months, which is positive for SOL. With 65% of the SOL supply involved in staking, this dynamic supports upward price momentum. To gauge traders’ optimism about SOL’s price outlook, it is helpful to look at leverage demand. Currently, the SOL perpetual futures funding rate is at 8%, falling within the neutral range of 5% to 10%. The increasing activity on the Solana network suggests that SOL could reach $200 soon, potentially outperforming its competitors. The catalysts that could propel SOL’s price higher include the potential approval of a spot Solana ETF in the US, Solana’s inclusion in a state-level digital asset strategic reserve, and traditional asset tokenization on Solana. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.