Main navigation

Solana (SOL) Hits All-Time High, Extending Lead Over XRP

News
Mon, 10/25/2021 - 17:53
article image
Alex Dovbnya
Solana is leading the crypto market recovery, logging a new all-time high
Solana (SOL) Hits All-Time High, Extending Lead Over XRP
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Solana (SOL), the native token of the high-performance network of the same name, has hit a new all-time high of $218.92 at 3:47 p.m. UTC on the FTX exchange.   

SOL
Image by stock.adobe.com

The cryptocurrency’s market cap has now eclipsed $65 billion, building a commanding lead over XRP’s $51 billion.    

SOL captivated the minds of the cryptocurrency community with its monstrous gains in early September, doubling its price in just 9 days.      

However, the increasingly popular blockchain came under fire in mid-September after it essentially switched off for 17 hours due to an outage.

Because of the double-whammy of technical difficulties and the broader market woes, the token ended up dipping to a local bottom of $115 on Sept. 21, which marked a 46% correction from the top.

Over the past seven days, the cryptocurrency is up 37%.

Related
German State Starts Auctioning $13.6 Million Worth of Bitcoin

The growth of the Solana ecosystem    

Presently, Solana’s decentralized finance ecosystem has over $13.86 billion in total value locked (TVL).

SOL
Image by defipulse.com

There are six projects whose TVL exceeds the $1 billion threshold.

Still, Solana has a lot of catching up to do in order to edge out Ethereum, whose DeFi projects recently surpassed $100 billion in total value locked.  

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.