Solana is one of the most talked about cryptocurrencies, recently exceeding the market capitalization of Tether and to take the fifth-largest market cap. The smart contracts-enabled Solana network continues its show of force as vice-leader in all-important onchain metrics, such as total value locked (TVL). With rising momentum on the network, SOL, Solana’s original crypto token, might have just set itself up to pump past $200 any day now.

Solana’s TVL is now higher than the entire Ethereum layer-2 ecosystem with an overall value locked amounting to a staggering $10.9 billion. This milestone is a testament to the momentum movement and confidence we’re seeing on the Solana network. This growth is reflected in the network’s 30-day fee revenue, which now sits at $43.4 million—a significant jump of 109% month-over-month.

This revenue number is quickly the comparable Ethereum’s base layer fees, which brought in $24.9 million. It’s still much higher than their counterparts across other networks. This is a sign of healthy activity and strong demand for block space on the Solana network.

There are a number of new decentralized exchanges (DEXs) and liquid staking solutions on Solana that are currently growing tremendously. Raydium DEX experienced a 78% increase in 30-day TVL and Jito, a liquid staking solution, 41%. Marinade, another major player in Solana’s DeFi ecosystem, saw its TVL increase by 56% during the same time frame.

From May 6 to May 10, SOL had an incredible spike during that span, up 24.8%. Since then, the token has failed to hold above $180. As of writing, SOL is trading around 40% below its all-time high of $295, set on January 19.

SOL perpetual futures funding rate is at 8%. This rate is very much within the neutral range of 5%-10%. It implies a neutral to slightly positive market sentiment overall, with no extreme bullish or bearish sentiment.

An even larger share of SOL’s supply, around 65%, is currently engaged in staking. This high level of staking participation reflects confidence in the network’s long-term prospects and contributes to the overall stability of the network.

Industry observers are cautiously enthusiastic. Analysts are very excited about the prospects for traditional asset tokenization on the Solana blockchain. They argue that this has the promise to unlock greater value for SOL and help attract institutional investors.