Solana Records 20% Surge in 7 Days; Check the Forecast
Solana (SOL) has been standing out in the market in recent days, surpassing major cryptocurrencies like Bitcoin and Ethereum, for example.
The price of SOL has surged over 20% in the last week and is currently at $23.53, the highest price for the cryptocurrency since August this year. As a result, the digital currency ranks second in terms of weekly appreciation among the top 100 digital assets in the market.
One of the main differentiators of the Solana network is its access to the decentralized finance (DeFi) sector. The Solana blockchain offers much lower fees than Ethereum, for example, which is attracting more investors.
Taking the DeFi segment into account, Solana has also been excelling in recent days. According to data from the DeFi Llama platform, the total value locked (TVL) in Solana has jumped 2% in the last week to reach an annual record of $329 million.
It's important to note that despite this recent growth, Solana's DeFi TVL remains significantly below its all-time high, which surpassed $10 billion during the 2021 market bull run.
From a technical standpoint, Solana has managed to maintain a strong position, according to trader Arman Shirinyan. According to him, the asset has shown resilience in a volatile market, securing its over 20% growth and staying above basic technical boundaries.
"Solana has a robust roadmap with various upcoming updates and new features. These developments could further enhance its utility and, by extension, its price," he said.
However, the trader pointed out that while Solana is experiencing a sudden surge, it's essential to consider the broader context of the crypto sector.
"Investors should keep an eye on this asset but also remain cautious due to the volatile nature of the crypto market," he concluded.
