Solana (SOL), the ETH competitor, has registered unstoppable upticks over the recent sessions. While writing this article, SOL surged 22% to hit another ATH at $174.75. Keep in mind that Solana has had impressive rallies for the past few weeks.
After overtaking DOGE for the 7th spot, SOL appears to close its gap with XRP. That is after Solana’s market cap crosses the $50 billion mark for the first time. With the current conditions, SOL might claim the top-five spot by the time this year ends.
The current SOL upsurges come after the network sees magnified decentralized finance activity. Since the start of August, Solana’s TVL (total value locked) has increased by nears 350%. At the same time, SOL saw its price surging a whopping 400%.
Sol TVL nears $5.75 Billion
According to stats by DeFi Lama, SOL’s total locked value attained a new ATH at $5.73 billion. The top decentralized finance projects built on the SOL network are SolFarm (TULIP), Serum (SRM), Sunny (SUNNY), Raydium (RAY), and Saber (SBR).
Saber dominates 29% of the Solana blockchain total value locked. While publishing this content, SBR had its price gaining 55% over the past 24 hours to trade at $0.64.
As DeFi seems to dominate the market, analysts debate whether Solana outperforms Ethereum as far as “smart” contract capabilities are concerned. Though it might be early for such a conclusion, Solana seems to be on the right road. Meanwhile, ETH competitors are gaining solid traction as Ethereum battles network congestion problems and increasing fees. Maybe the leading altcoin will be back in the game after fully launching ETH 2.0.
For now, SOL experiences a massive social dominance as crypto enthusiasts attempt to explore the crypto. With its recent price actions, SOL is not far from its milestone at $200. Santiment tweeted that $ SOL-related discussions have surged as the token saw explosive upticks to the ATH of $172.95.
The altcoin market seems healthy progress as most alternative tokens register upside movements. Will the alts maintain their upside attitude? You can share your views in the comment section below.
James Thompson