Solana (SOL) Hits All-Time High, Extending Lead Over XRP

Solana (SOL) Hits All-Time High, Extending Lead Over XRP

Solana (SOL), the native token of the high-performance network of the same name, has hit a new all-time high of $218.92 at 3:47 p.m. UTC on the FTX exchange.

The cryptocurrency’s market cap has now eclipsed $65 billion, building a commanding lead over XRP’s $51 billion. SOL captivated the minds of the cryptocurrency community with its monstrous gains in early September, doubling its price in just 9 days. However, the increasingly popular blockchain came under fire in mid-September after it essentially switched off for 17 hours due to an outage.Because of the double-whammy of technical difficulties and the broader market woes, the token ended up dipping to a local bottom of $115 on Sept. 21, which marked a 46% correction from the top.Over the past seven days, the cryptocurrency is up 37%.

The growth of the Solana ecosystem

Presently, Solana’s decentralized finance ecosystem has over $13.86 billion in total value locked (TVL).

There are six projects whose TVL exceeds the $1 billion threshold.Still, Solana has a lot of catching up to do in order to edge out Ethereum, whose DeFi projects recently surpassed $100 billion in total value locked.