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

Solana’s SOL token is the best-performing high 20 digital asset by market capitalization within the final 24 hours, in accordance with starcrypto’s knowledge.

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

This worth motion continues a largely optimistic run that has continued for a lot of the 12 months, with SOL gaining greater than 330% of its worth on the year-to-date metric. For context, the digital asset recorded a powerful 87% development through the previous month alone, in accordance with Tradingview knowledge.

DeFi

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

In accordance with 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% development from the $210.47 million recorded on the primary day of the 12 months.

Extra knowledge from DeFillama additionally reveals that Solana has been capable of keep a mean consumer base of greater than 100,000 all 12 months lengthy.

In the meantime, it must be famous that these present numbers pale considerably towards what the community had recorded through the bull market of 2021 when its TVL peaked at practically $10 billion and averaged greater than 300,000 customers early final 12 months.

FTX cloud nonetheless hangs

Solana’s current resurgence starkly contrasts the bearish sentiments that gripped its ecosystem following the sudden collapse of FTX final 12 months.

Again then, many market observers expressed considerations that Solana would wrestle to regain its former glory, as FTX and its affiliate, Alameda Analysis, had performed a pivotal function in its development.

Nonetheless, Solana has efficiently repositioned itself as a significant participant within the cryptocurrency business. It has achieved this by means of vital partnerships with established establishments corresponding to Visa and Shopify.

Moreover, asset administration agency CoinShares reported that Solana-related funding merchandise have change into the popular alternative for buyers 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 value of SOL tokens, and the potential affect on Solana’s worth stays a priority if the bankrupt agency offloads these holdings.

Latest indicators recommend that FTX may be promoting a few of its SOL holdings, as a considerable quantity has been moved to exchanges up to now week.

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