Solana leads DeFi growth: $70 in sight?

Contents

• Solana's TVL saw a 56% increase, securing more than $650 million
• The SOL coin anticipates a $70 breakout after a 500% increase
• Airdrops are the driving force behind predicted SOL growth 

 Solana's TVL saw a 56% increase, securing more than $650 million

The surge in Total Value Locked (TVL) inside Solana's (SOL) decentralized finance (DeFi) ecosystem has been amazing. Solana has locked in more than $650 million worth of assets across its DeFi applications, reflecting an incredible 56% increase in TVL over the last month and a noteworthy milestone.

The increase in Solana's TVL indicates that investors are paying the network more and more attention. With lower costs and faster transaction speeds than other well-known blockchains, Solana is more appealing to users than Ethereum, which is why many see it as a potentially serious competitor.

The SOL coin anticipates a $70 breakout after a 500% increase

Further highlighting the network's strength is the explosive increase of SOL, the native token of Solana. With a market valuation of $25.6 billion, the SOL token has more than quadrupled in value since the year's beginning, soaring to the sixth position among cryptocurrencies. Notwithstanding the fact that SOL has recently traded somewhat below its annual high of $67.63, experts and market watchers are still upbeat and believe SOL may soon break over $70.

Airdrops are the driving force behind predicted SOL growth

The expected catalysts in the Solana ecosystem, especially the current airdrop season with major protocols like Pyth and Jupiter, are feeding this optimistic feeling. The SOL token may expand and appreciate even more as a result of these airdrops, according to experts and market watchers, maybe pushing it above the $70 threshold.
 

Tag : Crypto market cryptocurrency SOL SOL Price Solana Solana Price