Solana (SOL) Shoots 20% to $175 As Total-Value-Locked (TVL) Hits $5.75 Billion

Ethereum-competitor Solana (SOL) has been on an unstoppable market rally. As of press time, Solana has gained another 22% hitting its new all-time high of $174.75.

After toppling Dogecoin (SOGE) for the seventh spot, Solana is now closing the gap with Ripple XRP as its market cap crosses $50 billion for the very first time. It won’t be much of a surprise if SOL manages to break into the top-five crypto spot by the end of the year.

The recent price rally for SOL comes amid the backdrop of heightened DeFi activity on the network. In the last six weeks since the beginning of August 2021, the total value locked (TVL) on the Solana blockchain has surged 4.5x or a staggering 350%. During the same time, the SOL price has surged by 5x or a staggering 400% return.

Solana TVL Reaches Close to $5.75 Billion

As per the data by DeFi Lama, the total value locked on Solana has hit a new all-time high of $5.73 billion. The top five DeFi projects on the Solana blockchain are Saber (SBR), Raydium (RAY), Sunny (SUNNY), Serum (SRM), and SolFarm (TULIP).

Saber (SBR) alone dominates ~29% of the total value locked on the Solana blockchain. As of press time, the SBR price is up by a staggering 55% in the last 24 hours and is currently trading at $0.64.

Amid the solid DeFi rush, there has been a debate if Solana is a better smart contract platform than Ethereum. Well, it’s too early to say that! However, with high rising fees and some network congestion issues, Ethereum-competitors are getting solid market traction. Not sure whether if the full-fledged launch of Ethereum 2.0 will change the game back in its favor.

For now, Solana also continues to enjoy a strong social dominance receiving all the market attention. With the recent move, Solana (SOL) is just at arms-length from the $200 milestone.