Solana hits new milestone as Total Value Locked hits 2023 high of $1.1 billion
- Solana price rallied on the back of Ripple’s win in the SEC lawsuit, driving the altcoin to its 2023 peak of $32.14 on Binance.
- The total value of assets locked on the Solana blockchain exceeded $1.099 billion, an annual high.
- SOL network witnessed 26.66 million transactions in a 24-hour period, fueling bullish sentiment among holders.
Solana, an Ethereum alternative and a leading altcoin in the crypto ecosystem witnessed a massive price rally in response to the news of XRP being deemed a “non-security,” in the SEC vs Ripple lawsuit.
The SOL network witnessed an increase in the total value of assets locked in its blockchain, a metric that fuels a bullish thesis for the altcoin.
Solana TVL explodes in massive price rally
The Total Value Locked (TVL) in Solana exploded, hitting a 2023 peak of $1.099 billion. The Ethereum alternative witnessed a massive price rally as market participants responded to the verdict of the SEC vs Ripple lawsuit.
Market participants believe that Solana is likely to be recognised as a non-security and the XRP verdict has set a precedent for other crypto currencies in the ecosystem. It remains to be seen whether this stands true.
Solana TVL DefiLlama
Alongside TVL hitting its peak, Solana price has surged to its yearly high of $32.14, against the USD Tether on Binance. The SOL blockchain processed 26.6 million transactions in a 24-hour period.
The large volume of transactions signals high demand for the altcoin among traders in the crypto community. After yielding double-digit gains for holders over the past two days, the altcoin continues to sustain above $27.
Ripple’s positive ruling in the SEC case and bullish sentiment among traders have emerged as the catalysts for Solana’s price rally. The altcoin is sustaining its upward trend at the time of writing.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
