Solana SOL token worth grows by greater than 330% YTD to 14-month excessive

Solana’s SOL token is the best-performing prime 20 digital asset by market capitalization within the final 24 hours, based on CryptoSlate’s knowledge.

SOL’s value climbed to a 14-month excessive of $46 in the course of the reporting hours earlier than retracing to its present ranges of $43.5904 as of press time, per CryptoSlate’s knowledge.

This value motion continues a largely optimistic run that has persevered for a lot of the yr, with SOL gaining greater than 330% of its worth on the year-to-date metric. For context, the digital asset recorded a formidable 87% progress in the course of the previous month alone, based on Tradingview data.

DeFi

Data from DeFillama exhibits that decentralized finance (DeFi) actions on Solana have picked up extensively amid the present market rally.

In response to the information aggregator dashboard, the whole worth of belongings locked on the Solana blockchain has reached a brand new yearly excessive of $437.49 million as of press time. This represents a 107% progress from the $210.47 million recorded on the primary day of the yr.

Extra knowledge from DeFillama additionally exhibits that Solana has been in a position to preserve a mean consumer base of greater than 100,000 all yr lengthy.

In the meantime, it ought to be famous that these present numbers pale considerably in opposition to what the community had recorded in the course of the bull market of 2021 when its TVL peaked at practically $10 billion and averaged greater than 300,000 customers early final yr.

FTX cloud nonetheless hangs

Solana’s recent resurgence starkly contrasts the bearish sentiments that gripped its ecosystem following the surprising collapse of FTX final yr.

Again then, many market observers expressed issues that Solana would battle to regain its former glory, as FTX and its affiliate, Alameda Analysis, had performed a pivotal position in its progress.

Nevertheless, Solana has efficiently repositioned itself as a serious participant within the cryptocurrency trade. It has achieved this by means of vital partnerships with established establishments comparable to Visa and Shopify.

Moreover, asset administration agency CoinShares reported that Solana-related funding merchandise have develop into the popular selection for traders over altcoins like Ethereum.

Regardless of these optimistic developments, the looming shadow of FTX’s chapter continues to have an effect on Solana.

FTX nonetheless holds over $1 billion price of SOL tokens, and the potential influence on Solana’s value stays a priority if the bankrupt agency offloads these holdings.

Current indicators counsel that FTX is perhaps promoting a few of its SOL holdings, as a considerable quantity has been moved to exchanges up to now week.

Stories from CryptoSlate additional present that the collapsed agency has begun unstaking a few of its SOL tokens as a part of its ongoing chapter proceedings.