{"id":125726,"date":"2025-03-24T21:25:08","date_gmt":"2025-03-24T21:25:08","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125726"},"modified":"2025-03-24T21:25:08","modified_gmt":"2025-03-24T21:25:08","slug":"3-reasons-why-solana-sol-price-rallied-above-140","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125726","title":{"rendered":"3 reasons why Solana (SOL) price rallied above $140"},"content":{"rendered":"

Source: Cointelegraph.com NewsSolana’s native token, SOL (SOL), gained 8.5% on March 24, reclaiming the $142 mark for the first time in two weeks. This rally mirrored the gains seen across the broader cryptocurrency market as traders began to expect reduced risks of an economic downturn. The growing risk appetite can also be seen among memecoins, several of which rallied by 12% or more since March 23.
\nOutside of the broad market rally, SOL has its own merits, including a rise in network activity and the direct involvement of US President Donald Trump with the memecoin market. Additionally, growing interest from top traders on exchanges and the increasing likelihood of a spot Solana exchange-traded fund (ETF) approval suggest further potential for SOL\u2019s price growth.
\nSOL\/USD (green) vs. crypto market cap (orange). Source: TradingView \/ CointelegraphDespite the recent rally, SOL has underperformed the broader crypto market by 23.7% over the past two months. This weakness is linked to a 93% decline in Solana network fees during that period. The decline likely began with traders\u2019 disappointment in the memecoin sector but gradually affected the entire decentralized application (DApps) market.
\nSOL still trades 52% below its all-time high
\nTraders now question whether the selling was an overreaction, as SOL is currently trading 52% below its all-time high of $295. This comes despite Solana remaining the second-largest blockchain in terms of total value locked (TVL) and ranking third in onchain volumes. For comparison, BNB is trading 20% below its all-time high, and XRP is 28% below its peak.
\nBlockchains ranked by total value locked (TVL), USD. Source: DefiLlamaWhile Tron and BNB Chain provide competition in terms of onchain volumes, deposits in Solana network\u2019s smart contracts are valued at $6.8 billion. In third place, BNB Chain holds 21% less TVL, with $5.4 billion. Key highlights on Solana include the Jito liquid staking solution, Kamino lending and liquidity platform, and the Jupiter decentralized exchange.
\nThe fees on the Solana network are now higher than those on the Ethereum base layer, surpassing $1 million per day. More importantly, Solana’s revenue has recently reached its highest levels in two weeks. While still far from the levels seen two months ago, the increase in Solana network activity suggests that the bottom may have been reached as the numbers continue to improve steadily.
\nSolana network daily fees, USD. Source: DefilLlamaAs a comparison, Ethereum accrued less than $350,000 in fees on March 23, leading to an increase in ETH supply as the built-in burn mechanism failed to offset weak blockchain activity. Solana, on the other hand, offers a 7.7% native staking reward rate, surpassing the equivalent 5.1% inflation rate, according to StakingRewards data.
\nSolana ETF decision nears while Trump tweet boosts memecoin momentum
\nDespite SOL\u2019s price weakness, top traders on Binance have increased their leveraged long (bull) positions on SOL, according to CoinGlass data.
\nBinance top traders’ long-to-short SOL ratio. Source: CoinGlassThe long-to-short ratio among top traders on Binance surged to 2.40 on March 23, its highest level in over two months. Part of the excitement can be attributed to the anticipation of the spot Solana exchange-traded fund (ETF) approval in the US.
\nThe US Securities and Exchange Commission is expected to issue its final verdict before the end of the year, according to Matthew Sigel, VanEck\u2019s head of digital asset research. Although success is not guaranteed, the eventual spot Solana ETF approval would set SOL apart from its competitors, adding legitimacy to the asset, especially among institutional investors.
\nAnother source of momentum came from a weekend social post by\u00a0 President Trump, which explicitly mentioned the TRUMP memecoin and helped to create a buzz in the sector. In the Solana ecosystem, Fartcoin gained 15% on March 24, Dogwifhat (WIF) rallied 12%, and Pudgy Penguins (PENGU) traded up by 12%.
\nUltimately, SOL has significant potential for higher gains, given the network\u2019s TVL and fees, especially in comparison to competitors, along with bullish positioning from whales using leverage.
\nThis 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\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsSolana’s native token, SOL (SOL), gained 8.5% on March 24, reclaiming the $142 mark for the first time in two weeks. This rally mirrored the gains seen across… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125726"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125726"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125726\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125726"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}