Solana Surges: Weeklong 12% Gain Propels SOL to $156

Solana surged by over 12% in a week, currently trading at $156.
The Solana network experienced increased activity and deposits, with its total value locked reaching a peak since October 2022.
Integration of native interoperability features on JupiterExchange enhances Solana’s liquidity and market appeal.

Solana (SOL), currently valued at $156, has experienced a remarkable surge in the past week, boasting gains exceeding 12%. This uptick in Solana’s value comes amidst a backdrop of various contributing factors that have propelled its market performance.

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One significant catalyst for Solana’s recent price increase is the positive reception of a leading investment bank’s report. This report, highlighting Solana’s accelerated adoption and innovative use cases, has instilled confidence among investors, driving increased demand for the cryptocurrency.

Moreover, the Solana network itself has been witnessing heightened activity and deposits, indicating growing confidence in its ecosystem. The total value locked (TVL) in Solana’s decentralized applications’ (DApps) smart contracts reached its highest point since October 2022, showcasing a 26% increase over two months. This influx of value into the network, particularly through Sanctum’s liquid staking solution, has contributed to Solana’s strengthening position in the market.

Additionally, the integration of native interoperability features on a prominent decentralized exchange has further bolstered Solana’s appeal. JupiterExchange’s announcement of integrating CloneProtocol into its routing system allows for seamless trading of non-native Solana assets, enhancing liquidity and reducing risks for market participants.

Despite facing intensified competition from alternative networks and grappling with challenges such as transaction failures, Solana has managed to maintain a positive trajectory. The cryptocurrency market’s recent bearish trends, including regulatory actions and concerns raised by lawmakers, have not deterred Solana’s upward momentum.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.