In the past 24 hours, the price of Solana (SOL) experienced a remarkable surge, gaining as much as 17.15%. This impressive rally propelled Solana to become the fourth-largest cryptocurrency by market capitalization.
At the time of writing, SOL is trading at $98.63, boasting a substantial market capitalization of nearly $42 billion. This surge has elevated Solana above Binance Coin (BNB), which currently holds a market cap of $41.9 billion, according to Coingecko data.
The recent uptrend in SOL goes beyond a mere increase in market capitalization. The contract trading volume on the Solana network has seen a significant boost, surging by 32% and exceeding 10 billion.
Furthermore, the open interest in SOL contracts has reached an impressive 1.34 billion, positioning Solana as the second-highest in open interest, trailing only behind Bitcoin (BTC) and Ethereum (ETH). This notable performance underscores Solana’s growing prominence in the cryptocurrency market.
TVL on Solana Surges Past $1.3 Billion
Data from DeFi Llama reveals that the total value locked (TVL) on the Solana blockchain has surpassed $1.3 billion, indicating substantial growth in decentralized finance (DeFi) activity over the past two months.
Despite this impressive rally, there are indications of significant players liquidating their Solana (SOL) holdings. Arthur Hayes, co-founder of the crypto exchange BitMEX, publicly disclosed his sale of SOL assets, opting to reallocate funds to Ethereum (ETH).
This strategic move aligns with the broader trend in which Solana has experienced a remarkable 700% surge since the beginning of the year, with a notable five-fold increase in the last two months alone.
Meanwhile, the largest cryptocurrency, Bitcoin, is once again trading above $44,100. This resurgence coincides with recent updates on spot exchange-traded fund (ETF) filings from leading asset managers.
