Analysis: The rising expectations and fundamentals of the Solana ETF are driving up the price of SOL

ChainCatcher news, according to CoinDesk, market observers say that the increase in trading activity and expectations for the development of Solana ETFs may be the reasons for Solana's recent strong performance.

The SOL token has risen more than 18% in the past week, outperforming Bitcoin (BTC) and Ethereum (ETH), trading above $180 in early Monday trading, reaching a three-month high.

Amberdata blockchain researcher Pat Doyle shared: "The Solana ecosystem is showing strong growth, evidenced by increased DEX activity, a rise in daily active users, and accumulating network fees. These strong fundamentals, combined with positive market sentiment, are driving SOL forward."