Solana SOL token value grows by more than 330% YTD to 14-month high Solana SOL token value grows by more than 330% YTD to 14-month high
Solana's SOL is the best-peforming top 20 asset in the last 24 hours.
2 min read
Updated: Nov. 2, 2023 at 6:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana’s SOL token is the best-performing top 20 digital asset by market capitalization in the last 24 hours, according to CryptoSlate’s data.
SOL’s price climbed to a 14-month high of $46 during the reporting hours before retracing to its current levels of $43.5904 as of press time, per CryptoSlate’s data.
This price movement continues a largely positive run that has persisted for most of the year, with SOL gaining more than 330% of its value on the year-to-date metric. For context, the digital asset recorded an impressive 87% growth during the past month alone, according to Tradingview data.
DeFi
Data from DeFillama shows that decentralized finance (DeFi) activities on Solana have picked up extensively amid the current market rally.
According to the data aggregator dashboard, the total value of assets locked on the Solana blockchain has reached a new yearly high of $437.49 million as of press time. This represents a 107% growth from the $210.47 million recorded on the first day of the year.
Additional data from DeFillama also shows that Solana has been able to maintain an average user base of more than 100,000 all year long.
Meanwhile, it should be noted that these current numbers pale significantly against what the network had recorded during the bull market of 2021 when its TVL peaked at nearly $10 billion and averaged more than 300,000 users early last year.
FTX cloud still hangs
Solana’s recent resurgence starkly contrasts the bearish sentiments that gripped its ecosystem following the unexpected collapse of FTX last year.
Back then, many market observers expressed concerns that Solana would struggle to regain its former glory, as FTX and its affiliate, Alameda Research, had played a pivotal role in its growth.
However, Solana has successfully repositioned itself as a major player in the cryptocurrency industry. It has achieved this through significant partnerships with established institutions such as Visa and Shopify.
Furthermore, asset management firm CoinShares reported that Solana-related investment products have become the preferred choice for investors over altcoins like Ethereum.
Despite these positive developments, the looming shadow of FTX’s bankruptcy continues to affect Solana.
FTX still holds over $1 billion worth of SOL tokens, and the potential impact on Solana’s price remains a concern if the bankrupt firm offloads these holdings.
Recent signs suggest that FTX might be selling some of its SOL holdings, as a substantial amount has been moved to exchanges in the past week.
Reports from CryptoSlate further show that the collapsed firm has begun unstaking some of its SOL tokens as part of its ongoing bankruptcy proceedings.
Solana Market Data
At the time of press 6:45 pm UTC on Nov. 2, 2023, Solana is ranked #7 by market cap and the price is down 11.86% over the past 24 hours. Solana has a market capitalization of $16.8 billion with a 24-hour trading volume of $3.2 billion. Learn more about Solana ›
Crypto Market Summary
At the time of press 6:45 pm UTC on Nov. 2, 2023, the total crypto market is valued at at $1.29 trillion with a 24-hour volume of $59.95 billion. Bitcoin dominance is currently at 52.76%. Learn more about the crypto market ›
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Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Ethereum
$3,348.45
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$98,567.82
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.