Solana, one of Ethereum network’s competitors, witnessed a 50% increase in the total volume of assets locked (TVL) on its blockchain. Solana’s TVL cli
intelligence tracker, DeFiLlama, there is a consistent increase in both metrics, TVL and transactions, while SOL price attempts recovery. SOL price started a downward trend in mid-July 2023, declining from $32.12 to $20.62, at the time of writing. While the altcoin has yielded 5.8% losses for holders over the past week, SOL price is likely to begin its recovery with the bullish metrics, acting as a catalyst.
The bankruptcy of the FTX exchange in November 2022, resulted in a steep decline in both TVL and the price of the altcoin. Solana was associated with bankrupt FTX’s founder Samuel Bankman-Fried, and suffered a price drop in the following months. While traders await SOL price recovery, the altcoin’s price is up 106.92%, year till date.Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money.
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