Solana (SOL) Strikes $210 Toppling Ripple’s XRP for the Sixth Rank

Solana (SOL) Strikes $210 Toppling Ripple’s XRP for the Sixth Rank

It’s been an unstoppable journey for Solana (SOL) over the last few weeks. Despite the overall crypto market staying under pressure, Solana has added another 20% gains smashing past $200 and hitting a new all-time high.

As of press time, SOL is trading 20% up at a price of $210 and a market cap of $61 billion. With this, Solana becomes the sixth-largest cryptocurrency toppling Ripple’s XRP for the very first time. It won’t be a surprise at all if Solana makes its way into the top-five crypto list by the end of this week.

The massive price rally in Solana (SOL) started from the mid of August 2021. In less than one month, SOL has gained more than 350% making its way into the list of top ten cryptos.

High DeFi Activity and Staking Value

The recent price rally in Solana (SOL) comes amid the surge in the DeFi activity on the platform. As per the data on DeFi Llama, the total value locked (TVL) on Solana has moved past $7.5 billion.

Meaning ver the last month, the Solana blockchain has added more than $6 billion in TVL. This shows that Solana is emerging as one of the top platforms for DeFi players. In fact, in recent times, analysts have also started comparing it with giants like Ethereum.

Furthermore, the staked value on the Solana blockchain is also on the rise. As per the data on Staking Rewards, the total value staked on the Solana blockchain has reached close to $80 billion. Solana is currently ranking number 1 in terms of the pledge rate which is at 75.4%.

It has been an eye-popping rally in Solana and investors are cheering every bit of it. Its blazing fast recovery after Tuesday’s market correction shows that it continues to be investors’ favorite.

Ethereum-competitors like Solana have gained massive attention this year amid rising ETH gas fees and low ETH transaction throughput. Players like Cardano (ADA) have outperformed ETH in terms of 2021 returns.