In a striking display of market resilience, Solana (SOL) has notably surged past the $54 mark, a price point last seen in May 2022. This upward trajectory, as reported by Santiment, is bolstered by the heightened discussion rates surrounding SOL, suggesting a decoupling from other crypto assets. The platform indicates that while funding rates are elevated, they remain outside the ‘danger zone’, signaling sustained investor confidence.
📈 #Solana has now surpassed $54 for the first time since May, 2022. Discussion rates on $SOL have again spiked, indicating the mainstream crowd recognizes the asset's decoupling from other assets. Funding rates are high, but not in a 'danger zone' yet. https://t.co/Tl9jlAsOx5 pic.twitter.com/sG97sCU9Br
— Santiment (@santimentfeed) November 10, 2023
According to data from DefiLlama, the Total Value Locked (TVL) in Solana’s ecosystem projects has witnessed a substantial rise, climbing to $465 million this week from a modest $300 million in early October. This marks an important milestone for Solana, with its TVL reaching $536 million during this press. Despite this impressive growth, there remains potential for further expansion, especially compared to its November 2021 all-time high of around $10 billion.
The renewed vigor in Solana’s market performance can be traced to a confluence of factors, including an infusion of over $74 million from institutional investors, with notable purchases by Coinbase. This financial injection coincides with a surge in network activity, particularly within the leading protocols experiencing positive monthly shifts. The areas of liquid staking and Decentralized Exchanges (DEXs) are among the most dynamic in Solana’s expanding landscape.
SOL’s current market price is $55.39, with a significant 24-hour trading volume exceeding $4 billion. The current price reflects a robust 16.79% price increase within a day and a 31.64% climb over the past week. With a circulating supply of 420 million SOL tokens, Solana’s market capitalization has reached $23.37 billion, underscoring its growing relevance in cryptocurrency.
Santiment’s analysis paints a picture of a crypto asset on the rise, with Solana proving its mettle in an unpredictable market. The data points to a cryptocurrency not merely rebounding but setting the stage for a potential renaissance in the digital asset space.
