Solana’s SOL token has seen significant growth, making it the best-performing top 20 digital asset by market capitalization in the last 24 hours. The price of SOL reached a 14-month high of $46 before retracing to its current levels of $43.5904. This upward movement is part of a positive trend that has been ongoing for most of the year, with SOL gaining over 330% in value year-to-date and experiencing an impressive 87% growth in the past month alone.
Decentralized finance (DeFi) activities on Solana have also been picking up amid the current market rally. Data from DeFillama shows that the total value of assets locked on the Solana blockchain has reached a new yearly high of $437.49 million. Additionally, Solana has maintained an average user base of over 100,000 throughout the year. However, these numbers are lower compared to the network’s performance during the bull market of 2021.
Despite its recent resurgence, Solana still faces challenges due to the bankruptcy of FTX, a major player in its ecosystem. FTX holds over $1 billion worth of SOL tokens, and the potential impact on Solana’s price is a concern if these holdings are offloaded. Recent reports suggest that FTX may be selling some of its SOL holdings, as a significant amount has been moved to exchanges in the past week. The shadow of FTX’s bankruptcy continues to affect Solana, but the cryptocurrency has successfully established partnerships with established institutions like Visa and Shopify, positioning itself as a major player in the industry.
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