- 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
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
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.