- Activity in the network jumped up.
- Trading volume increased by 164.9% in 24 hours.
- The network’s TVL set a new high from June 2022.
Over the past 24 hours, from February 28 to February 29, 2024, the Solana (SOL) price rose 17.7% to $132.58 on the moment, according to CoinMarketCap. At the same time, trading volume jumped 164.9%.
After a local peak, the value has pulled back slightly. At the time of writing, the coin is trading at $130.95, according to TradingView. For the week, the gain for this position is 24.88%:
Blocked funds (TVL) on the Solana network rose from $2.214 billion to $2.467 billion in 24 hours. This is a new high since June 2022:
The growth in TVL as well as trading volume – up 164.9% – indicates strong activity in the ecosystem.
The ecosystem’s rapid recovery began in November 2023. We have elaborated on this in a separate piece:
By the end of the year, the Solana (SOL) exchange rate rose again, mostly driven by memcoins.
Notably, earlier we reported that the former head of the FTX exchange Sam Bankman-Fried recommended guards in prison to invest in SOL.
