SOL could break out to a new ATH amid positive on-chain data

Bitget

News

Coinjournal2025/10/06 11:09

By:Coinjournal

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

SOL could break out to a new ATH amid positive on-chain data image 0

Key takeaways

Solana is down 1.4% and trading above $230.
The coin could rally to a new all-time high as on-chain and derivatives data turn positive.

SOL’s rally could be prompted by positive on-chain and derivatives data

SOL, the native coin of the Solana blockchain, added 11% to its value over the last seven days, making it one of the best performers in the top 10. The rally allowed SOL to top the $230 mark, with analysts now predicting new highs for the coin.

Data obtained from DeFiLlama revealed that Solana’s stablecoin market capitalization currently stands at $15.11 billion. This record comes as its stablecoin market cap has been steadily rising since mid-September.

In addition to that, Solana’s Total Value Locked rose from $10.78 billion on September 28 to now stand at $12.69 billion, nearing its record highs of $13.02 billion. The rising TVL suggests growing activity and interest within the Solana ecosystem, including memecoins, DeFi, and stablecoins. More users are depositing and utilizing assets within SOL-based protocols.

Finally, on the derivatives aspect, Solana’s OI-Weighted Funding Rate data shows that more traders are betting on SOL’s price rallying higher in the near to medium term. According to CoinGlass , the OI has flipped a positive rate on Saturday and reads 0.0052% on Monday. Historically, once the funding rates flip to positive, SOL’s price has rallied sharply.

Bulls aiming to establish a new all-time high

The SOL/USD 4-hour chart is bullish and efficient after Solana found support around the 61.8% Fibonacci retracement level at $193.52 late last month. Since then, it has added 18% to its value and now trades at $233 per coin.

The RSI of 58 shows that the bulls have regained control, with the MACD lines also above the neutral zone, suggesting a bullish bias. If the support level at $230 holds, SOL could rally higher and set a new all-time high above $295. However, the RSI has to stay above 50 for SOL to sustain an upward momentum in the near term.

On the flip side, if SOL faces a correction after its recent rally, it could drop towards the 50-day Exponential Moving Average (EMA) at $213.36. The support at $203 will likely hold in the near term.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

After the US October CPI exceeded expectations, Goldman Sachs and Nomura added a forecast for an interest rate hike in March next year, while Deutsche Bank included a forecast for a rate hike in January next year. Currently, the market has fully priced in a 25 basis point rate hike in December, with a 13% probability for a 50 basis point hike. On Wednesday, the US Treasury spot market was closed, but Treasury futures continued to fall, with corresponding yields rising by about 2 to 4 basis points, and spot gold came under pressure, dropping by 1.1%.

华尔街见闻•2026/11/11 21:18

Wall Street giants collectively raise rate hike forecasts, US Treasury futures continue to fall, gold drops over 1% to break 4000

No Need to Worry About the Cooling Down of AI Data Center Construction? The US Import Boom Is Unlikely to Subside in the Short Term, Real Impact May Come in 2029

It takes an average of 4.8 years from finalizing investment to starting construction of a data center project, and an additional 2.6 years from construction start to becoming operational. Servers usually cannot be installed until after the building structure and racks are completed. For trade partners such as Taiwan (China), South Korea, and Mexico who rely on US data center supply chain demand, the inertia in construction timelines provides at least a one- to two-year buffer for future exports.

华尔街见闻•2026/11/11 21:18

No Need to Worry About the Cooling Down of AI Data Center Construction? The US Import Boom Is Unlikely to Subside in the Short Term, Real Impact May Come in 2029

Federal Reserve Major Debate: When Should the Tenure of “Number Three” Williams End?

The main point of contention is whether Williams should step down in June 2028, upon completing a full 10-year term, or in June 2027, when he reaches the mandatory retirement age of 65. Analysts point out that the Federal Reserve Board holds ultimate discretion; if he leaves early, Fed Chair Waller would be able to assert greater control over the appointment to this critical position. However, forcing Williams to shorten his term could easily be interpreted as political manipulation. Williams himself is expected to serve until June 2028.

华尔街见闻•2026/11/11 21:18