在强劲的链上指标和衍生品数据的支持下，Solana (SOL) 从近期低点反弹。 SOL 能否​​反弹至 300 美元并挑战其历史高点？

Solana 的原生代币 SOL 自 11 月 26 日触及 222 美元低点以来已飙升 8%，此前该代币自 11 月 23 日创下的历史高点 263.80 美元大幅回调。

Solana’s native token (SOL) has seen a surge of 8% since hitting a recent low of $222 on Nov. 26, following a sharp correction from its all-time high of $263.80 on Nov. 23. At the time of writing on Nov. 27, SOL is trading at $237.98, with onchain and derivatives data suggesting a potential continuation of the bullish trend.

Solana 的原生代币 (SOL) 自 11 月 26 日触及近期低点 222 美元以来，已飙升 8%，此前该代币自 11 月 23 日创下的历史高点 263.80 美元大幅回调。 2 月 27 日，SOL 的交易价格为 237.98 美元，链上和衍生品数据表明看涨趋势可能会持续。

A glance at the market performance shows that SOL has seen a modest gain of 1% over the past seven days. However, during the same period, the total market capitalization of major altcoins has surged by 12%. Leading tokens like Stellar (XLM), Celestia (TIA), and Uniswap (UNI) have posted gains of over 40%, outpacing SOL's performance and leaving some investors questioning the momentum.

从市场表现来看，SOL 在过去 7 天里小幅上涨了 1%。然而，同期主要山寨币的总市值飙升了12%。 Stellar (XLM)、Celestia (TIA) 和 Uniswap (UNI) 等领先代币的涨幅超过 40%，超过 SOL 的表现，并让一些投资者对这种势头提出质疑。

Despite lagging the broader market, Solana’s fundamentals are strengthening and painting a bullish picture. Here are some key highlights:

尽管落后于大盘，但 Solana 的基本面正在走强，并描绘出乐观的前景。以下是一些主要亮点：

Total Value Locked (TVL) in Solana DeFi has surged by 48% over the past 30 days, outpacing growth on BNB Chain (+14%) and Tron (+13%).

Solana DeFi 的总锁定价值 (TVL) 在过去 30 天内飙升了 48%，超过了 BNB Chain (+14%) 和 Tron (+13%) 的增长速度。

Major protocols driving the TVL growth include Jito liquid staking ($3.4 billion TVL, +44%), Jupiter decentralized exchange ($2.4 billion TVL, +50%), and Raydium ($2.2 billion TVL, +58%).

推动 TVL 增长的主要协议包括 Jito 流动性质押（TVL 34 亿美元，+44%）、Jupiter 去中心化交易所（TVL 24 亿美元，+50%）和 Raydium（TVL 22 亿美元，+58%）。

Solana and Ethereum are both seeing growth in different areas without direct competition. Here's how:

Solana 和以太坊都在不同领域实现了增长，但没有直接竞争。方法如下：

Ethereum is dominating the decentralized finance (DeFi) space, with Uniswap and CoW Swap seeing a 62% and 71% increase in trading volumes, respectively, over the past 30 days.

以太坊在去中心化金融 (DeFi) 领域占据主导地位，Uniswap 和 CoW Swap 的交易量在过去 30 天内分别增长了 62% 和 71%。

Meanwhile, Solana is leading in memecoin trading, with tokens like BONK and POPCAT driving up speculative trading volumes and catering to a different market segment.

与此同时，Solana 在 memecoin 交易方面处于领先地位，BONK 和 POPCAT 等代币推动了投机交易量并迎合了不同的细分市场。

While Solana's memecoin activity has contributed to the overall increase in activity on the network, it also introduces volatility risks. Speculative hype may not be sufficient to sustain long-term growth.

虽然 Solana 的 memecoin 活动促进了网络活动的整体增长，但它也带来了波动风险。投机炒作可能不足以维持长期增长。

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In futures markets, the premium on SOL futures has reached an annualized 23%, the highest it has been in seven months. This indicates strong optimism in the market. However, it is worth noting that excessive bullishness, especially above 40%, could amplify liquidation risks during any price corrections.

在期货市场，SOL期货溢价已达到年化23%，为七个月以来的最高水平。这表明市场的强烈乐观情绪。但值得注意的是，过度看涨，尤其是超过40%，可能会放大价格调整期间的清算风险。

Solana's market capitalization currently stands at $113.7 billion, which is a 73% discount compared to Ethereum's market capitalization of $429.4 billion. This valuation gap, combined with the strong onchain metrics, suggests that there could be further upside potential for SOL.

Solana 的市值目前为 1137 亿美元，比以太坊 4294 亿美元的市值折价 73%。这种估值差距，加上强劲的链上指标，表明 SOL 可能还有进一步的上涨潜力。