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Solana (SOL) Smashes a Big Milestone: But What About the Price?

Solana (SOL) Smashes a Big Milestone: But What About the Price?

CryptopotatoCryptopotato2024/02/21 13:25
By:Jose OramasMore posts by this author

The TVL across dApps on Solana is a indication of its resilient ecosystem despite the recent price fluctuations in SOL’s price.

The Solana ecosystem is blooming, seeing a significant resurgence as its total value locked (TVL) in its network has surpassed the $2 billion mark. This is a notable recovery from December’s starting point of $688 million, marking a 200% increase in just two months.

According to data from DefiLlama, the current TVL on Solana stands at $2.028 billion, a figure last witnessed in June 2022. Liquid staking and yield-generating protocols Jito, Marinade, and Marginfi are behind the recent uptick.

Source: DeFiLlama

The explosive growth in Solana’s TVL underscores the rising popularity of one of the fastest Layer-1 blockchains, which is now witnessing renewed interest from institutional investors.

Solana is currently the top five cryptocurrency by market capitalization, trading at $103 at press time.

Despite this short-term fluctuation, the seemingly upward trajectory of Solana’s DeFi ecosystem has reinforced confidence and participation among community members, and market observers believe there’s still a lot of room for growth.

If you’re interested in reading about some of the more exciting Solana price predictions, have a look at our recent video:

Solana Outpacing Competitors

While a large set of Layer-1s are growing organically each month and seeing double-digit inflows into their ecosystems, Solana has drastically outperformed most of its rivals in terms of TVL. However, there’s one metric in which Cardano has outshone Solana.

As CryptoPotato reported , Cardano has excelled in several key metrics compared to its rivals. NFT sales on the Cardano network have surged to over $1.6 million in the last week, marking a significant 100% increase. In contrast, Solana’s NFT sales have experienced a 7% decline, totaling approximately $48 million for the same timeframe.

Cardano’s native cryptocurrency, ADA, has also demonstrated strong price performance in recent weeks. According to CoinGecko’s data, ADA has experienced a notable 25% price increase over a two-week period.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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