Solana is leading the crypto market recovery, logging a new all-time high
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.