Solana (SOL) has experienced a 58% surge in the last week, reaching over $110 and securing its position as the fourth-largest crypto by market capitalization. SOL has surpassed Binance Coin (BNB), which has a market value of $41.1 billion.
Solana is currently trading at $114, in line with the broader trend of a staggering 876% increase since the beginning of the year, including a remarkable five-fold increase in the last two months.
The bullish momentum extends beyond market value, as evidenced by a significant increase in daily trading volume across the Solana network. Trading volume increased by 40% in the last 24 hours, surpassing $6 billion.
Concurrently, SOL’s open interest reached $1.5 billion, making it the market’s second-highest, trailing only Ethereum (ETH).
These robust metrics demonstrate growing investor and trader interest and confidence in SOL. The increase in trading volume and open interest indicates that the market is active and engaged, creating a dynamic trading environment for SOL.
According to DeFiLlama, the total value locked (TVL) on the Solana blockchain has surpassed $1.5 billion.
Solana has seen an impressive addition of over $1 billion in TVL over the last two months, indicating a significant increase in decentralized finance (DeFi) activity on the platform. The current TVL level has risen to levels not seen since September 2022.
Solana’s remarkable performance in recent weeks indicates a strong market presence and growing confidence in the capabilities of the blockchain, establishing itself as a prominent player in the crypto space.
