- Solana has seen tremendous growth recently in both its total value locked (TVL) and native token price, with TVL surging to $465 million and SOL price jumping over 100% to over $45.
- Factors driving Solana’s TVL growth include over $74 million in institutional investment inflows and a surge in activity as top protocols saw positive monthly changes, with the largest growing categories being liquid staking and DEXs.
- Despite lingering FTX concerns, Solana’s robust 30-day performance highlights the importance of community support for crypto projects and sets a positive foundation for future expansion.
Solana has seen tremendous growth recently in both its total value locked (TVL) and native token price. This comes despite ongoing concerns around FTX‘s SOL holdings, showcasing the network’s resilience.
Explosive Growth in Solana’s TVL
According to DefiLlama, Solana’s TVL has surged to $465 million, up substantially from $300 million in early October. While still a fraction of its all-time high of $10 billion in November 2021, this growth is a significant milestone. Solana‘s TVL plateaued through most of 2022 before skyrocketing in late October, breaking above $400 million in early November. Factors driving this growth include over $74 million in institutional investment inflows and a surge in activity as top protocols saw positive monthly changes. The largest growing categories are liquid staking and DEXs.
SOL Price Jumps Over 100%
In tandem with the TVL growth, SOL’s price has seen tremendous appreciation, going from $21 in mid-October to over $45 this week, a 114% increase. However, SOL remains 80% below its all-time high of nearly $260 in November 2021, suggesting room for further growth.
Community Support Crucial for Crypto Projects
Solana’s robust 30-day performance despite the FTX overhang highlights the importance of community support for crypto projects, over market cycles or fundamentals. Solana has gained over 300% this year, showcasing the network’s resilience.
Conclusion
The growth in Solana’s TVL and SOL price underscores the network’s strength. Despite lingering FTX concerns, Solana continues gaining traction in DeFi. The community’s support sets a positive foundation for future expansion.
