- SOL remained bullish despite the broader markets’ selloffs.
- Solana has recorded the largest stablecoin transfer in the first quarter of 2024.
Solana [SOL] Price charts defied market bleeding and posted an impressive performance. Even as the market was bleeding, the fifth largest cryptocurrency, which is also the most popular, gained over 27% in the past week and 13% during the last day. Bitcoin’s [BTC] Flash dumps triggered an overall market decline.
SOL’s performance catapulted it to the top. LunarCrush’s AltRank Recently, metric has highlighted higher social engagement for the coin. Retail investors are often encouraged to take note of a higher ranking on this metric that measures the community and traction for a particular cryptocurrency.
Solana, No. 3 on the DeFi
This increase in price has boosted USD deposits made on the Solana Blockchain. AMBCrypto analyzed DeFiLlama data and found that the TVL (total value locked) increased by 8.19% to $7.59billion in the past 24 hours.
Solana is now the world’s third largest Decentralized Finance (DeFi) network, surpassing BNB Chain [BNB] First time in history
Remember that Solana suffered a severe blow in 2022 due to its exposure with the now defunct cryptocurrency exchange FTX [FTT].
TVL’s value plummeted to $300 million in 2023, with very little progress. Many critics declared Solana DeFi dead at this point.
The situation changed drastically from October 2023. This resulted in an increase of 13x in TVL up until the time of press. AMBCrypto reported The importance of partnerships, and the fundamentals that underpin the supply chain.
Transfers of stablecoins surge
Solana led the way in TVL and on-chain growth. stablecoin volume.
AMBCrypto calculated that Solana had the largest volume in the first quarter of 2024. This is a significant leap over traditional giants like Ethereum [ETH] You can also find out more about the following: Tron [TRX].
Solana’s ascendance implied the growing importance of its network as a go-to for stablecoin transactions.
What is the cost? 1,10,100 SOLs worth today?
What are SOLs? “future?”
AMBCrypto analyzed SOL’s futures markets using Coinglass’ data. They discovered that the funding rate was positive. The data showed that the long positions had to pay fees in order for short positions to exist, which implied dominance by the first.
Interestingly, SOL’s Open Interest (OI) The price of the like didn’t rise much in the past 24 hours, only increasing by 0.36 percent.
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Source: ambcrypto.com