Solana's native token, SOL, has risen 13% from a low of $203.30 on Dec. 10, surpassing the $230 mark, creating potential for further gains. Although SOL reached an all-time high of $264.50 on Nov. 22, it has since struggled compared to the broader altcoin market, which has seen an 18% rise. The recent spike in SOL's price comes despite a 63% decline in on-chain volumes, raising sustainability concerns. Traders point to 'maximal extractable value' (MEV) strategies, particularly 'sandwiching,' as contributing factors to SOL's relative weakness. Following a recent market crash, leverage in SOL futures decreased, suggesting a healthier market environment with bullish sentiment returning. Investor confidence is also growing due to positive projections for SOL’s price, including a $750 estimate by Bitwise and expectations of an interest rate cut in the U.S. in early 2025.

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