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- SOL maintained a bullish narrative regardless of broader market sell-offs.
- Solana recorded the best stablecoin transfers within the first three months of 2024.
Solana [SOL] defied the broader market bleeding to put up a formidable present on the worth charts. The fifth-largest cryptocurrency gained 13% within the final 24 hours, and over 27% through the week, whilst Bitcoin’s [BTC] flash dump triggered a broader market sell-off.
The outperformance catapulted SOL to the highest of LunarCrush’s AltRank metric lately, underscoring increased social engagement with the coin. The next rank on the metric, which measures a cryptocurrency’s group and traction, is usually a sign to retail traders to concentrate to the asset.
Solana turns into No.3 in DeFi
The soar in costs boosted the USD worth of the deposits on the Solana blockchain. In keeping with AMBCrypto’s evaluation of DeFiLlama’s knowledge, the overall worth locked (TVL) rose 8.19% within the final 24 hours to $7.59 billion.
With the newest surge, Solana turned the third-largest decentralized finance (DeFi) chain, surpassing BNB Chain [BNB] for the primary time ever.
Supply: DeFiLlama
Recall that Solana’s fortunes had been hit badly within the fall of 2022, owing to its publicity to the now-fallen cryptocurrency alternate FTX [FTT].
The TVL crashed as little as $300 million with little enchancment seen throughout a lot of 2023. Solana DeFi was declared useless by many critics presently.
Nevertheless, issues modified dramatically from October 2023, leading to a 13x soar in TVL till press time. AMBCrypto reported how essential partnerships and strong on-chain fundamentals aided the turnaround.
Stablecoin transfers surge
Other than TVL progress, Solana additionally took the lead by way of on-chain stablecoin quantity.
As per AMBCrypto’s evaluation of Artemis’ knowledge, Solana recorded the best volumes within the first three months of 2024, leapfrogging conventional powerhouses similar to Ethereum [ETH] and Tron [TRX].
Solana’s ascension implied its rising stature because the go-to community for stablecoin settlements.
Supply: Artemis
How a lot are 1,10,100 SOLs worth today?
What’s SOL’s “future?”
AMBCrypto investigated SOL’s futures market utilizing Coinglass’ knowledge and found a optimistic funding fee. This meant that lengthy positions had been paying charges to brief positions, implying a dominance of the previous.
Curiously, SOL’s Open Interest (OI) didn’t present a notable rise as like worth, rising barely by 0.36% within the final 24 hours.
Supply: Coinglass
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