Solana’s Remarkable Comeback: DeFi and Meme Coins Drive Growth as SOL Hits $140
The post Solana’s Remarkable Comeback: DeFi and Meme Coins Drive Growth as SOL Hits $140 appeared on BitcoinEthereumNews.com.
Solana (SOL) has had an impressive week, experiencing a remarkable rebound and solidifying its position as one of the strongest performers in the crypto market. After dipping below $100 earlier this year, SOL has surged to $140—a 6% increase this week. This comeback coincides with the network enjoying robust growth across some key metrics, especially in decentralized finance (DeFi) and meme tokens. With a market cap of $72.15 billion, Solana yet again is making headlines, seemingly leaving behind other top-tier cryptos like Bitcoin (BTC) and Ethereum (ETH). A Surge in Activity and Institutional Interest Not just its price performance but also its key network metrics reflect Solana’s resurgence. The Total Value Locked (TVL) on Solana has jumped a staggering 28%, hitting $8.9 billion. This growth suggests that Solana’s DeFi ecosystem is not just alive but also thriving, with way more capital deployed across its dApps. And why not? For traders and developers, Solana is a special network in the sense that its ability to scale efficiently allows for high-speed and low-cost transactions, which are really the essentials of the DeFi ecosystem. There is an active address increase too, a vital sign for any blockchain ecosystem. At the close of Q3, Solana had 4.5 million active addresses. That was up 12.5 percent from the previous quarter. In other words, a growing user base is trading and providing liquidity on Solana’s decentralized exchange. Solana stands as one of the prime performers in the crypto market. When we look at the performance of its immediate rivals, Bitcoin has barely managed to gain 3% over the past week; Ethereum has remained locked in a seemingly interminable range; XRP has plummeted; and yet, Solana has done this: Institutional Adoption and Financial Growth Interest from institutions in Solana has skyrocketed, with large entities like ARK Invest…
