Main navigation

Solana's $13.7 Billion TVL Might Be Fuel for Price Reaching ATH

Advertisement
Wed, 3/11/2021 - 10:30
Solana's $13.7 Billion TVL Might Be Fuel for Price Reaching ATH
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Solana's total value locked has reached the previous ATH and moved slightly above it, according to DefiLIama. The TVL moves with a strong correlation to the price, which has reached a new high of $231 after a 16.7% rally.

Due to Solana being heavily utilized inside the network, a higher load due to the development of the DeFi and NFT industries acts positively on the price. In order to roll out a decentralized application on the Solana network or create an NFT collection, users have to purchase SOL token.

Article image
Source: DeFiLIama

In the current market, decentralized applications are experiencing a new wave of popularity, which once again attracts more investors into Solana and creates additional buying power.

A variety of use cases for Solana create strong buying power on the market whenever crypto receives attention from investors. Solana received an initial boost in popularity when the NFT industry skyrocketed. Due to scalability issues on the Ethereum network, some users had to pay thousands of dollars to move one transaction through.

Advertisement

Related

With a more convenient fee and transaction processing mechanisms, Solana users are able to make cheap transactions even in periods of high network load.

Acсording to TradingView, the previous ATH for Solana was reached on Oct. 25, when the coin's price reached $209. The old price record has been beaten in only eight days, with the asset now trading at $233.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD