, it is possible that you are thanking your stars for choosing the cryptocurrency. No, it’s not because the price of the token has increased by almost 8x in the last 365 days. But time and time again, SOL has proven why traders should not fade it irrespective of the challenges it might face.
Though the price later dropped, it went as high as $185.96 before its decline below $175. Despite the recent drawdown, SOL’s 24-hour performance was a 4.19% increase at press time when other cryptocurrencies went red.One reason why Solana’s price jumped could be linked to the demand for the token. In several articles, AMBCrypto gave in-depth details explaining how theApart from that, SOL has been able to avoid a nosedive because of a recent Binance announcement.
If the overall value of asset deposited continue to rise, then the TVL might have a chance at hitting $10 billion this cycle.However, the TVL increase does not always impact the price. Therefore, we went ahead to analyze another metric. This time, the focus was on Open Interest .