Solana’s TVL surpasses $1.8 billion for the first time since 2022

Just like last year, the Solana (SOL) blockchain has been standing out in 2024 and shining in the market given its recent developments, impressive rises and growth of its ecosystem. Recently, Solana reached a milestone in its ecosystem regarding its total value locked (TVL).

According to a survey provided by DeFiLlama, TVL on the Solana network reached an important milestone by surpassing US$1.8 billion for the first time since 2022.

Activity on the blockchain has been growing since the end of 2023, however, the network remains far from its all-time high (ATH) of US$10.03 billion TVL, reached on November 9, 2021.

The price of the Solana (SOL) cryptocurrency increased during this week, showing an impressive recovery in recent days even after the network experienced a significant stoppage in block production this week, leading to a pause in its operation at the beginning of the week.

At the time of publication, the price of Solana was quoted at US$106.09, up 4.8% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$2,664,522,666. Solana price has increased by 4.4% in the last seven days.

It is worth remembering that Solana’s recent recovery led the cryptocurrency to outperform Bitcoin (BTC).

Solana outperforms Bitcoin

Solana’s performance is one of the few altcoins that managed to surpass Bitcoin’s this week, showing a rise above US$102, according to the cryptocurrency analysis platform, Santimente, on February 7.

According to the analysis, the outage on the Solana network that happened on February 5th turned out to be a local bottom and FUD (fear of missing out) fueled the current price recovery of the fifth largest asset in the market.

“Solana is one of the few altcoins outperforming Bitcoin this week, rising above $102. In the last 36 hours, $SOL/$BTC is up 4.5%. The disruption that worried traders on Monday turned out to be a local bottom, with FUD fueling this price recovery,” he wrote.

Disclaimer:

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