Rally

Solana

Despite a brief five-hour network outage on February 6, Solana (SOL) has showcased remarkable resilience, with its price bouncing back by 1.04% in the last 24 hours. Investors, initially anxious about a potential sell-off, seem largely unfazed by the incident. The altcoin’s strength raises questions about whether it aligns with broader crypto market trends or if unique factors are at play. 
Crypto Market Overview: On February 7, the global crypto market cap reached $1.6 trillion, witnessing a 0.45% increase. Key players like Bitcoin ($43,610) and Ethereum ($2,420) held their ground, with potential catalysts including the upcoming Bitcoin halving, optimism around Ethereum ETF approvals, and the Dencun upgrade on the Ethereum network. 
Institutional Inflows to Solana: CoinShares reported a surge in institutional investor inflows into SOL-based investment products. Despite the outflows seen in Ether and Avalanche, SOL investment products attracted $13.4 million in weekly inflows, outpacing its competitors. 
Total Value Locked (TVL) and Decentralized Exchange (DEX) Activity: Data indicates that Solana’s TVL rose to $1.65 billion on February 7. Notably, Solana’s DEX volume, ranking second to Ethereum, reached $6.25 million in the past week. The platform’s lower traction costs continue to lure users, especially those seeking new airdrops. Transaction fees on Solana, ranging between $0.0001 and $0.0003, remain significantly lower than Ethereum’s. 
Solana’s robust performance suggests a combination of market dynamics, institutional interest, and user-friendly features contributing to its ongoing positive momentum.

Solana (SOL) Surges: Unraveling the Factors Behind Today’s Price Rally

CoinstelegramEng

2024년 2월 7일에 게재된 다른 기사

Ethereum’s EigenLayer emerges as DeFi powerhouse with $1 billion TVL boost

Ethereum picks up while top Cryptos print red

Chainlink Could Hit $26 Soon; 47 Fresh Wallets Accumulate LINK

Exploring the Impact of Short Sales and Market Liquidity on Crypto Prices

U.S. SEC delays decision on spot Ether ETF, sending mixed signals to investors

South Korea’s new life imprisonment bill for crypto criminals

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!