Increased trading activity and exuberant expectations for a possible ETF product may have contributed to Solana's recent outperformance, according to several market watchers. SOL, which has rallied more than 18% in the past week, has outpaced BTC) and ETH, and traded at more than $180 in early trading on Monday, hitting a three-month high. Some market watchers said SOL rallied, boosting fundamentals due to increased trading activity for Solana-based apps over the past few weeks. Amberdata blockchain researcher Pat Doyle shared that the Solana ecosystem is showing strong growth, as evidenced by increased DEX activity, daily active users, and cumulative increases in network fees. These strong fundamentals, combined with positive market sentiment, are driving SOL forward. DefiLlama tracking data shows that the total locked value (TVL) of the tokens on Solana increased by more than 25% in a month, breaking through the $5.28 billion mark and reaching the April 2022 level. Since June, the network has earned at least $1.50 million per day, while in the past week, daily on-chain net transaction volume exceeded $2 billion.