Solana (SOL) forms new ATH as the network’s TVL increases to monthly highs

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 26, 2021
  • Solana is now ranking as the sixth-largest cryptocurrency with a market cap of over $63 billion.
  • Yesterday, Solana reached an all-time high of $219.
  • The total locked value on the Solana network has also been pushing to record highs.

Solana (SOL/USD) enjoys putting on an exemplary performance while the rest of the market is down. The broader market has cooled down from last week’s market bulls, but Solana’s bull rally looks like it is just starting.

On October 25, SOL reached an all-time high of $219, according to CoinGecko, and despite shedding some of those gains, it still showing signs of pushing further.

Solana Surpasses XRP by Market Cap

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Following the 24-hour gains, Solana has managed to surpass Ripple’s XRP by market capitalization. The token now has a market cap of over $63 billion and is now ranking below Tether.

Solana has surpassed XRP by market cap ranking before when its bullish rally was strong in September. At the time, Solana managed to push from below the top 10 list to surpass major tokens in the market such as Polkadot (DOT/USD), Dogecoin (DOGE/USD) and USDC. Since clinching a position in the top 10 list, Solana has held strong and has not dipped to previous lows.

After reaching its all-time high of $219, Solana’s market cap came close to surpassing Cardano’s and Tether’s. If it can maintain these gains and replicate a similar rally such as the one seen in September, the altcoin could easily find a place among the top five.

Solana’s network is also Performing

Solana boasts of being the fastest blockchain network, and this factor has given it an edge over other networks in the market, such as Ethereum that is dealing with a major scalability issue.

The network’s total locked value recently broke to new monthly highs to around $13.5 billion. The TVL is a metric used to show the value of the projects operating on the Solana blockchain. Last month, Solana’s rising TVL coincided with major SOL price gains as the network saw major adoption from DeFi and NFT projects.

On the other hand, this TVL is expected to increase further following the Solana Ignition hackathon supporting DeFi developers. The projects that will win in this hackathon are expected to launch on the Solana network, opening new gains for the Solana network and the SOL token.

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