Solana (SOL) saw a remarkable 17.15% surge in the past 24 hours, propelling it to the fourth-largest cryptocurrency by market capitalization. Currently trading at $98.63 with a market cap of nearly $42 billion, SOL has surpassed Binance Coin (BNB) at $41.9 billion, according to Coingecko data.
Beyond the market cap increase, SOL’s contract trading volume surged by 32%, exceeding 10 billion. Additionally, SOL contracts boast an open interest of 1.34 billion, ranking second only to Bitcoin (BTC) and Ethereum (ETH) in open interest.
Total Value Locked (TVL) on Solana Surpasses the $1.3 Billion Mark
Data from DeFi Llama reveals that the Solana blockchain’s Total Value Locked (TVL) has exceeded $1.3 billion, indicating substantial growth in DeFi activity over the past two months. Despite this surge, notable figures like Arthur Hayes, co-founder of BitMEX, have publicly disclosed liquidating their SOL holdings and reallocating funds to Ethereum (ETH).
This strategic shift aligns with Solana’s broader trend, experiencing a 700% surge since the year’s start, with a remarkable 5-fold increase in the last two months.
In parallel, the largest cryptocurrency, Bitcoin, is once again trading above $44,100, spurred by recent spot ETF filing updates from leading asset managers.
