Solana (SOL) Hits All-Time High, Extending Lead Over XRP

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Alex Dovbnya

Solana is leading the crypto market recovery, logging a new all-time high

Solana (SOL), the native token of the high-performance network of the same name, has hit a new all-time high of $218.92 at 3:47 p.m. UTC on the FTX exchange.   

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The cryptocurrency’s market cap has now eclipsed $65 billion, building a commanding lead over XRP’s $51 billion.    

SOL captivated the minds of the cryptocurrency community with its monstrous gains in early September, doubling its price in just 9 days.      

However, the increasingly popular blockchain came under fire in mid-September after it essentially switched off for 17 hours due to an outage.

Because of the double-whammy of technical difficulties and the broader market woes, the token ended up dipping to a local bottom of $115 on Sept. 21, which marked a 46% correction from the top.

Over the past seven days, the cryptocurrency is up 37%.

The growth of the Solana ecosystem    

Presently, Solana’s decentralized finance ecosystem has over $13.86 billion in total value locked (TVL).

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There are six projects whose TVL exceeds the $1 billion threshold.

Still, Solana has a lot of catching up to do in order to edge out Ethereum, whose DeFi projects recently surpassed $100 billion in total value locked.  

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