Solana’s TVL Surge Ignites Speculation Across the Crypto Community

Crypto News- Solana (SOL) has been making headlines in 2023 as its Total Value Locked (TVL) reached a new peak at $338.82 million. This surge has ignited discussions and speculations within the cryptocurrency community, prompting market analyst Ran Neuner, who commands a sizable following, to share his thoughts.

Solana’s TVL Surge Ignites Speculation Across the Crypto Community

Ran Neuner, addressing his 721,800 followers on social media, pointed out the sudden spike in interest surrounding SOL. It appears that SOL has captured the attention of investors and enthusiasts alike.

The increase in SOL’s TVL has been notable, with a 24-hour boost of approximately 4.15% recorded on October 2, pushing it from $324.64 million to $338.82 million. Looking at the broader picture, since the beginning of 2023, SOL’s TVL has seen substantial growth, climbing by approximately 38% from its starting point of $210.47 million on January 1. However, it’s important to acknowledge that despite this TVL surge, SOL’s price still trails behind its annual peak by roughly one-third.

In contrast, just over a year ago, there were reports of a significant decline in SOL’s TVL. In May 2022, it was reported that SOL had experienced a 60% decrease in TVL since the start of 2022. On January 1, 2022, SOL’s TVL stood at approximately $11.22 billion but had fallen to about $4.38 billion by May 15, 2022.

Another factor of concern revolves around how SOL’s price might react due to recent developments. The FTX estate has received approval to liquidate its crypto holdings, including approximately $1.2 billion worth of SOL. A crypto analyst named DeFi Squared noted that SOL’s price has risen by 20% since the court approved the estate’s liquidation.

DeFi Squared also highlighted an interesting aspect of crypto markets – their tendency to struggle with accurately pricing in supply distribution events. The FTX estate currently holds an estimated 17 million to 22 million SOL tokens, with a total value of around $400 million. Additionally, the estate has 40 million to 44 million SOL tokens actively staking, and approximately $17 million worth of SOL is set to become unlocked each month over the next four years.

As of the time of this information, SOL’s price is reported at $24.11. It’s crucial to bear in mind that cryptocurrency markets are highly volatile and subject to a wide range of influencing factors, so prices and market conditions can change rapidly.