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Sunday, November 27, 2022

Solana retakes $2000: Reasons Powering The 35% Rally

SOL, the native coin of Solana, kept increasing on 25th October as an after-effect of the Bitcoin (BTC) rally that influenced the entire market. Solana’s TVL (total value locked) hit record highs. The price of SOL also saw a positive technical setup.

Causes Of Solana’s Surge

Solana’s SOL saw an increase of over 6% and hit the day’s highest at about $214. SOL’s price has increased a bit over 35% now during the previous 7 days. It is now that much closer to its all-time high at around $222 that was recorded during early September.

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Last week, the run-up of Bitcoin as it recorded a new all-time high at $67,000 caused the total capitalization value of the crypto market to pass the $2.5Tn mark. This was a new milestone for Bitcoin. This was one of the factors helping Solana attain its new heights. Rival cryptocurrencies ADA of Cardano and Ether also increased by more than 1% and 10% respectively during the past 7 days.

The price rally of SOL also coincided with the TVL across all of Solana’s DeFi projects reaching a new ATH of $13.53Bn. DeFi Llama, an aggregator service for data reported the numbers.

Saber, the DeFi project that is Solana blockchain’s most dominant, enables applications and users to more efficiently stable asset pairs. There are 4 other projects of DeFi that have a total TVL of over $1Bn. These include Marinade Finance worth $1.63Bn, Serum worth $1.69Bn, Sunny worth $1.73Bn, and Raydium worth $1.91Bn.

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The platform further announced that more projects of DeFi will be added to the list after its hackathon called “Ignition” ends on 18th October. SOL tokens will be needed to access the applications. As a result, the token’s demand has a bigger future prospect.  

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