Solana is up 13% in 24 hours – Here are the reasons why

defied the broader market bleeding to post an impressive show at the price charts. The fifth-largest cryptocurrency gained 13% in the last 24 hours, and over 27% during the week, even asmetric recently, underscoring higher social engagement with the coin. A higher rank on the metric, which measures a cryptocurrency’s community and traction, is often a signal to retail investors to pay attention to the asset.The jump in prices boosted the USD value of the deposits on the Solana blockchain.

The TVL crashed as low as $300 million with little improvement seen during much of 2023. Solana DeFi was declared dead by many critics at this time.As per AMBCrypto’s analysis of Artemis’ data, Solana recorded the highest volumes in the first three months of 2024, leapfrogging traditional powerhouses such asAMBCrypto investigated SOL’s futures market using Coinglass’ data and discovered a positive funding rate.

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