CDS Crypto News Solana TVL Achieves a New Annual High During SOL’s Impressive Price Rally
Crypto News

Solana TVL Achieves a New Annual High During SOL’s Impressive Price Rally

The total value of assets locked (TVL) on the Solana blockchain achieved a fresh annual peak, surging to approximately $350 million within a mere 24 hours, signifying a substantial growth of 12.2%.

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Solana Tvl Achieves A New Annual High During Sol'S Impressive Price Rally

Crypto News– Thanks to SOL’s impressive price performance over the past week, the total value of assets locked (TVL) on the Solana blockchain has surged to a new yearly peak. On October 22, Solana’s TVL soared to approximately $350 million, as reported by crypto data aggregator DeFiLlama. According to DeFiLlama data, the Solana DeFi sector experienced significant growth, adding around $20 million in the last 24 hours, translating to a 12.2% increase.

Solana TVL Achieves a New Annual High During SOL’s Impressive Price Rally

During this reporting period, Solana outshone other well-established competitors such as BSC Chain and Ethereum, securing its position as the top gainer among the top 10 chains by TVL. This growth trend has been ongoing for a year, with Solana’s TVL surging by over 40% since the beginning of the year, when it stood at $210.47 million on January 1.

Solana Tvl Achieves A New Annual High During Sol'S Impressive Price Rally

It’s worth noting that Solana’s current TVL is still below its all-time high of over $10 billion achieved during the 2021 bull run. Nevertheless, the rising TVL underscores the growing interest and investments in Solana’s DeFi ecosystem. Over time, Solana has established a multitude of partnerships within both the cryptocurrency industry and traditional sectors. Notably, Solana has collaborated with Visa and Shopify this year and has been designated as the ecosystem partner for the Dubai Multi Commodities Centre, an economic free zone in the UAE.

Solana Tvl Achieves A New Annual High During Sol'S Impressive Price Rally

SOL’s Weekly Price Surge: Leading the Pack in Performance

In the past week, Solana has witnessed significant gains, aligning with the prevailing trends in the broader cryptocurrency market. During this timeframe, Bitcoin, the leading digital asset, experienced a surge in value, surpassing the $30,000 mark, largely due to investor anticipation surrounding the launch of a spot Bitcoin exchange-traded fund (ETF).

According to data from BeInCrypto, the SOL coin has demonstrated an impressive price increase of 33.9% over the last seven days, nearly reaching the $30 threshold. However, as of the current moment, the digital asset has seen a slight pullback, trading at $28.38.

Solana Tvl Achieves A New Annual High During Sol's Impressive Price Rally
Sources:beincrypto
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Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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