The Total Value Locked (TVL) on Solana surged to nearly $670 million, marking the first time it has reached such levels since November 2022. This indicates a significant increase in the assets and liquidity currently involved in Solana’s ecosystem.
Solana’s native token, SOL, has seen a substantial price surge, shooting up by 500% since January 1 and currently trading around $60, reaching a recent high of nearly $70. The Total Value Locked (TVL) in Solana’s decentralized finance (DeFi) ecosystem has also increased, reaching approximately $670 million as of December 5.
While this is below the peak of $10 billion seen in late 2021 when SOL’s price exceeded $250, analysts remain optimistic about SOL’s future growth. Predictions range from reaching new all-time highs of $300 to $1,000. Some experts recommend investing in both Ethereum and Solana to ensure diversification in one’s cryptocurrency portfolio.
Solana’s SOL Continues Meteoric Rise: Hits $60 with 500% Increase in 2023
Solana’s native token, SOL, has been grabbing attention for its remarkable price surge in recent months. The cryptocurrency, which recently reached nearly $70, is currently holding strong at around $60, marking an impressive 500% surge since the beginning of the year, as per CoinGecko’s data.
SOL Price, Source: CoinGecko
Beyond its valuation surge, SOL has made headlines with a noteworthy development. DefiLlama’s data reveals that the Total Value Locked (TVL) on Solana reached approximately $670 million on December 5, hitting a peak not seen since November 2022.
However, it’s important to note that the TVL on the blockchain protocol is still a significant distance from the heights recorded in the last quarter of 2021. During that period, SOL’s price reached an all-time high of over $250, and the total value locked exceeded $10 billion.
Analysts Bullish on Solana: Potential for New All-Time Highs
Prominent analysts, including Crypto King and Jacob Canfield, foresee a bullish trajectory for Solana’s value in the coming years. Crypto King predicts that Solana could reach a new all-time high of $300 in the long run. On the other hand, Canfield envisions a more substantial surge, suggesting the price could skyrocket to an impressive $1,000. Canfield advocates for diversification, advising investors to hold positions in both Ethereum and Solana, drawing parallels to investing in major tech companies like Microsoft and Google.
Crypto King shares the sentiment that Solana is poised for a significant bull run. According to the analyst, Solana has been consolidating within a range of $55-$61, and a potential 2x increase to $120 is on the horizon. The consensus among these analysts indicates optimism regarding Solana’s future performance in the cryptocurrency market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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