Solana’s token SOL has seen a 5.3% increase, trading above $167, aligning with Bitcoin’s rally on US election day, pushing Bitcoin to $70,550. On-chain data hints at a potential rise in SOL towards a $200 target. Recent figures indicate Solana leads in weekly decentralized exchange (DEX) activity with $11.86 billion, overshadowing Ethereum’s layer-2 solutions and indicating high user activity. During the last week, Solana generated $20.5 million in fees, approaching Ethereum’s $22.6 million, despite holding a much smaller total value locked (TVL). Meanwhile, staking yields for SOL holders sit at 6.5%, with a significant 66.9% of the circulating supply engaged in network validation, surpassing Ethereum's 28.6%. Although current market sentiment appears neutral to slightly bullish as deduced from perpetual futures funding rates, the final outcome will hinge on the US presidential election results and upcoming statements from Federal Reserve Chair Jerome Powell.

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