Solana Soars to $150 Amid Crypto Surge: What’s Behind the Latest Rally?

• Solana reached a two-year peak above $150, following the surge in Bitcoin and Ethereum prices.
• The latest upswing in Solana’s value is attributed to increased DeFi trading volume and the rise of Solana-based meme coins.
• Solana’s DeFi protocols now hold over $3.1 billion in TVL, marking a significant increase from the previous month.

Solana (SOL) has recently surged past the $150 mark, marking a significant milestone for the cryptocurrency not seen since January 2022.

This surge coincided with Bitcoin smashing through yet another all-time high, surpassing $70,000, and Ethereum reclaiming the $4,000 threshold for the first time since 2021. Despite a brief dip after reaching this milestone, Solana’s price has largely recovered, settling around $150 at the time of reporting.

This recent upswing follows a pattern of market resurgence, with Solana’s value rebounding alongside other major cryptocurrencies. In December, Solana had breached the $120 mark before experiencing a period of stagnation. However, recent weeks have seen renewed momentum, driving Solana’s price upward.

While Solana’s current price remains significantly below its peak of nearly $260 in November 2021, the cryptocurrency’s recent surge is fueled by several factors. Notably, the growing popularity of decentralized finance (DeFi) trading has contributed to Solana’s rise. Additionally, the emergence of Solana-based meme coins has added to the cryptocurrency’s appeal, riding the wave of crypto hype.

Trading volume on Solana decentralized exchanges (DEXs) has surged, surpassing that of Ethereum in the past 24 hours. This surge in activity underscores Solana’s position as a formidable player in the DeFi space. Moreover, Solana DeFi protocols now boast over $3.1 billion in total value locked (TVL), more than double the figure from just one month ago.

While Solana’s TVL remains below its peak levels seen in November 2021, this recent increase signals a renewed interest in the platform’s offerings. With meme coin trading gaining traction and DeFi activity on the rise, Solana’s upward trajectory appears poised to continue in the near term.

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