From November 5 to November 7, Solana’s native token SOL surged by 22.5%, reaching a seven-month high of $194, bolstered by a broader altcoin rally and Bitcoin hitting a new all-time high. A contributing factor to this bullish trend was President-elect Donald Trump's victory and a Republican majority in the Senate, creating favorable conditions for innovative regulations in the cryptocurrency sector. This momentum was underpinned by significant growth in leverage, with SOL futures open interest reaching a record $4 billion on November 7, indicating strong institutional interest. An 8-hour funding rate of 0.017% reflects moderate optimism among traders. Critics suggest that recent price increases could be tied to memecoins, yet Solana's total value locked (TVL) has also risen significantly, showcasing broader ecosystem developments supportive of SOL's potential rise to $200. Provided that onchain metrics remain strong, SOL could continue to capitalize on market conditions driven by Bitcoin's new peaks.

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