- Solana price rallied on the back of Ripple’s win in the SEC lawsuit, driving the altcoin to its 2023 peak of $32.14 on Binance.
- The total value of assets locked on the Solana blockchain exceeded $1.099 billion, an annual high.
- SOL network witnessed 26.66 million transactions in a 24-hour period, fueling bullish sentiment among holders.
Solana, an Ethereum alternative and a leading altcoin in the crypto ecosystem witnessed a massive price rally in response to the news of XRP being deemed a “non-security,” in the SEC vs Ripple lawsuit.
The SOL network witnessed an increase in the total value of assets locked in its blockchain, a metric that fuels a bullish thesis for the altcoin.
Solana TVL explodes in massive price rally
The Total Value Locked (TVL) in Solana exploded, hitting a 2023 peak of $1.099 billion. The Ethereum alternative witnessed a massive price rally as market participants responded to the verdict of the SEC vs Ripple lawsuit.
Market participants believe that Solana is likely to be recognised as a non-security and the XRP verdict has set a precedent for other crypto currencies in the ecosystem. It remains to be seen whether this stands true.
Solana TVL DefiLlama
Alongside TVL hitting its peak, Solana price has surged to its yearly high of $32.14, against the USD Tether on Binance. The SOL blockchain processed 26.6 million transactions in a 24-hour period.
The large volume of transactions signals high demand for the altcoin among traders in the crypto community. After yielding double-digit gains for holders over the past two days, the altcoin continues to sustain above $27.
Ripple’s positive ruling in the SEC case and bullish sentiment among traders have emerged as the catalysts for Solana’s price rally. The altcoin is sustaining its upward trend at the time of writing.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.