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Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="null" target="null" text="null" title="null">SOL</a>) price is up on Nov. 6 as the market participants digest the implications of Republican President Donald Trump’s victory over Democrat US Vice President Kamala Harris.&nbsp;
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed Solana price trading at $186, up 13% over the last 24 hours. SOL rose from a low of $156 on Nov. 5, climbing as much as 20.4% to a three-month high of $188 on Nov. 6.
<figure>
 <img alt="Coinbase, Cryptocurrencies, DApps, Markets, Cryptocurrency Exchange, Market Analysis, Solana" src="https://s3.cointelegraph.com/uploads/2024-11/019301f5-a1ef-7424-a09f-1f92df662de7" title="">
 <figcaption style="text-align: center;">
 SOL/USD daily chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/XX4jyGmX/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/XX4jyGmX/">TradingView</a>
 </figcaption>
</figure>
The upward momentum aligns with a broader cryptocurrency market rally and strong fundamentals within the Solana ecosystem.
Let’s look at the factors driving SOL price up today.
<h2 id="strong-solana-hits-a-new-all-time-high-against-ether-strong">Solana hits a new all-time high against Ether</h2>
The ratio tracking the price strength of SOL against Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) rose to its highest level ever, suggesting that investors may be rotating away from the world’s largest altcoin.&nbsp;
The SOL/ETH ratio rose above 0.071 during the early Asian trading session on Nov. 6, extending the year-to-date gains to more than 60%.&nbsp;
The SOL/ETH pair has increased by over 766% from 0.0082 on Jan. 1, 2023, to the current value of 0.071. This means that SOL’s value has increased by more than 7.5 times relative to ETH’s at the time.&nbsp;
<figure>
 <img alt="Coinbase, Cryptocurrencies, DApps, Markets, Cryptocurrency Exchange, Market Analysis, Solana" src="https://s3.cointelegraph.com/uploads/2024-11/019301f6-114b-7cf5-9ff9-aefb2f7b0460" title="">
 <figcaption style="text-align: center;">
 SOL/ETH daily chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/fNjRXpOC/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/fNjRXpOC/">TradingView</a>
 </figcaption>
</figure>
Increasing the SOL/ETH pair suggests that Solana is outperforming Ether. At the time of publication, SOL trades 70% above its Jan. 1 opening, while Ether has surged a mere 11% in 2024.
<figure>
 <img alt="Coinbase, Cryptocurrencies, DApps, Markets, Cryptocurrency Exchange, Market Analysis, Solana" src="https://s3.cointelegraph.com/uploads/2024-11/019301f6-7012-7003-999c-7648341da02f" title="">
 <figcaption style="text-align: center;">
 SOL, Ether year-to-date performance. Source. <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/FMr9PCeb/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/FMr9PCeb/">TradingView</a>
 </figcaption>
</figure>
One of the main reasons why SOL has been outperforming ETH throughout 2024 is increased network growth as users turn to the Solana network because of its relatively <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/total-economic-activity-solana-all-time-high" rel="null" target="null" text="null" title="null">lower gas fees</a> and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/viral-squirrel-peanut-triggers-solana-memecoin-frenzy" rel="" target="_self" text="null" title="https://cointelegraph.com/news/viral-squirrel-peanut-triggers-solana-memecoin-frenzy">memecoins</a>.&nbsp;
<h2 id="strong-solana-tvl-jumps-by-650-million-strong">Solana TVL jumps by $650 million</h2>
Data from DefiLlama shows Solana’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-total-value-locked-tvl-in-crypto-and-why-does-it-matter" rel="null" target="null" text="null" title="null">total value locked</a> (TVL) increased to $6.54 billion on Nov. 5 from $5.93 million on Nov. 5. This is a 10% (over $650 million) increase in just 24 hours.
Solana’s TVL is up by 370% year-to-date from $1.4 billion.
<figure>
 <img alt="Coinbase, Cryptocurrencies, DApps, Markets, Cryptocurrency Exchange, Market Analysis, Solana" src="https://s3.cointelegraph.com/uploads/2024-11/019301f6-fb27-7c6e-b563-03460a424b56" title="">
 <figcaption style="text-align: center;">
 Solana total value locked. Source: DefiLlama
 </figcaption>
</figure>
A close look at the data reveals that Solana is outperforming other top layer-1 protocols on multiple timeframes. The chart below shows that Solana’s TVL has increased by over 20% over the last 30 days, against <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-is-ethereum-a-beginners-guide-to-eth-cryptocurrency#:~:text=Ethereum%20is%20a%20decentralized%20blockchain,media%20and%20so%20much%20more." rel="null" target="null" text="null" title="null">Ethereum</a>’s and <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/a-beginners-guide-to-the-bnb-chain-the-evolution-of-the-binance-smart-chain#:~:text=The%20BNB%20token%20now%20stands,much%20like%20gas%20on%20Ethereum." rel="null" target="null" text="null" title="null">BNB Chain</a>’s 10% and 0.5% increases, respectively.
<figure>
 <img alt="Coinbase, Cryptocurrencies, DApps, Markets, Cryptocurrency Exchange, Market Analysis, Solana" src="https://s3.cointelegraph.com/uploads/2024-11/019301f7-db7f-7142-9875-c057566a9cf3" title="">
 <figcaption style="text-align: center;">
 Top blockchains: percentage change in TVL. Source: DefiLlama
 </figcaption>
</figure>
The rising TVL reflects increasing demand for SOL tokens, positively affecting the price.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/memecoins-outperform-crypto-market-trump-wins-us-election" rel="null" target="null" text="null" title="null">Dogecoin, memecoins outperform crypto market as Trump wins US election</a>
<h2 id="strong-solana-based-tokens-flash-green-strong">Solana-based tokens flash green</h2>
Solana’s rally on Oct. 31 coincides with an ongoing correction in the prices of tokens on its network. Most are posting significant daily gains, as shown in the figure below.
<figure>
 <img alt="Coinbase, Cryptocurrencies, DApps, Markets, Cryptocurrency Exchange, Market Analysis, Solana" src="https://s3.cointelegraph.com/uploads/2024-11/019301f8-84f6-7d1b-a89a-4a07a3246cb5" title="">
 <figcaption style="text-align: center;">
 Solana-based tokens performance. Source: CoinMarketCap
 </figcaption>
</figure>
For instance, Dogwifhat (<a data-ct-non-breakable="null" href="https://cointelegraph.com/dogwifhat-price-index" rel="null" target="null" text="null" title="null">WIF</a>), the leading Solana memecoin by market capitalization, has rallied over 15% over a&nbsp; 24-hour timeframe. Similarly, Bonk (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bonk-price-index" rel="null" target="null" text="null" title="null">BONK</a>), Popcat (<a data-ct-non-breakable="null" href="https://cointelegraph.com/popcat-sol-price-index" rel="null" target="null" text="null" title="null">POPCAT</a>) and Jupiter (<a data-ct-non-breakable="null" href="https://cointelegraph.com/jupiter-price-index" rel="null" target="null" text="null" title="null">JUP</a>) have risen by 18%, 20% and 13%, respectively, over the past day, according to data from CoinMarketCap.
The overall market cap of all Solana-based tokens has jumped from $262 billion on Nov. 5 to $282 billion on Nov. 6. The total trading volume has also risen by 140% over the same period.
<figure>
 <img alt="Coinbase, Cryptocurrencies, DApps, Markets, Cryptocurrency Exchange, Market Analysis, Solana" src="https://s3.cointelegraph.com/uploads/2024-11/019301f8-ec82-717a-b520-2740bc04737b" title="">
 <figcaption style="text-align: center;">
 Total market cap and trading volume of Solana-based tokens. Source: CoinMarketCap
 </figcaption>
</figure>
The increasing value and market activity of tokens within the Solana ecosystem reflect the overall investor sentiment toward the native token, explaining the ongoing rally in SOL price.
Crypto analyst <a data-ct-non-breakable="null" href="https://x.com/srigopal_hyd/status/1854063338445246939" rel="null" target="null" text="null" title="null">Srigopal Bhattad</a> spotted Solana trading above a long-term descending trendline at $187, saying the breakout is a “bullish signal” for SOL.
<blockquote>
 “If SOL can maintain above $180 support, it may target the next resistance around $200–$220.”
</blockquote>
<figure>
 <img alt="Coinbase, Cryptocurrencies, DApps, Markets, Cryptocurrency Exchange, Market Analysis, Solana" src="https://s3.cointelegraph.com/uploads/2024-11/0193024f-b8ad-73ee-ac0f-47def245ae9c" title="">
 <figcaption style="text-align: center;">
 SOL/USD daily chart. Source: <a data-ct-non-breakable="null" href="https://x.com/srigopal_hyd/status/1854063338445246939" rel="null" target="null" text="null" title="https://x.com/srigopal_hyd/status/1854063338445246939">Srigopal Bhattad</a>
 </figcaption>
</figure>
Bhattad, however, cautioned his followers to watch for any pullbacks below the $180 level, as this could invalidate the bullish momentum.&nbsp;
Meanwhile, fellow analyst Amdtrades says SOL price has to overcome the resistance at $190 before recording new highs above $200.
<figure>
 <img alt="Coinbase, Cryptocurrencies, DApps, Markets, Cryptocurrency Exchange, Market Analysis, Solana" src="https://s3.cointelegraph.com/uploads/2024-11/01930251-3c67-7828-a036-bd15c854983e" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/Amdtrades/status/1854186961721872692" rel="null" target="null" text="null" title="https://x.com/Amdtrades/status/1854186961721872692">Amdtrades</a>
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Why is Solana (SOL) price up today?

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