Solana is making waves this week, outperforming most altcoins as prices rebound following a sharp decline on Wednesday.
The #5 cryptocurrency by market cap continues to defy bearish sentiment, with many seeing this negativity as a signal that $SOL could continue its upward momentum.
📈 Solana is outperforming most altcoins as prices are looking to rebound after a big fall Wednesday. The #5 market cap asset continues to be a prime example of how the crowd usually gets it WRONG. View the current bearish sentiment as a sign SOL can continue to pump. pic.twitter.com/pRkCnyxRxh
— Santiment (@santimentfeed) October 23, 2024
Solana’s Weekly Highlights
TVL Crosses $6 Billion: Solana’s Total Value Locked (TVL) has surpassed $6.16 billion, marking its highest level since 2022. This growth highlights the network’s increasing adoption and solidifies its position in the DeFi ecosystem.
Strong Staking Conviction: A significant 83% of Solana’s circulating supply is now staked, indicating strong confidence from holders. In the past month alone, 10 million SOL (valued at $2 billion) was added to staking pools. However, FTX made headlines by unstaking 178,631 SOL ($28 million), though this hasn’t dampened the network’s overall staking strength.
🚀 Solana This Week: Hello $6 Billion TVL, 6M Daily Active Addresses.
Solana TVL crosses $6B!
83% of SOL now staked!
FTX unstakes $28M worth!Let's unpack this week in Solana 🧵
1/6 pic.twitter.com/XrZ93rN1Su
— CoinMarketCap (@CoinMarketCap) October 24, 2024
Market Overview: The price of $SOL has risen by 6.17% to $153.15, with a market cap of $71.95 billion. Trading volume is also high, standing at $2.62 billion, underscoring continued investor interest in the asset.
Major Developments in DeFi and NFTs
Solana saw a big win in DeFi this week, with Stripe enabling USDC payments on the network, a major step toward mainstream adoption. In addition, Raydium surged by 39%, and Blockcast raised $2.85 million in funding, with backing from Solana co-founder Anatoly Yakovenko.
On the NFT front, Solana nearly matched Polygon in terms of active NFT users and led in chain royalties, generating $405.8K in royalties this week alone.
Solana’s growing TVL, strong staking metrics, and continued innovations in both DeFi and NFTs signal that the network is poised for further growth.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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