🚨🔮 Solana's price reaches its peak in over two years: Is a new ATH for SOL on the horizon? 🚀
Solana's rise to USD 222 places the price of SOL at 20% of its all-time high. SOL has outperformed the broader altcoin market, which experienced a 33% increase in the same six-day period ending October 11.
☝️ Investor optimism regarding SOL is partly due to the expansion of Solana's smart contract activity, as evidenced by the total value locked (TVL).
The TVL on Solana increased to USD 7.6 billion on October 10, marking the highest level since December 2021. Key decentralized applications (DApps) such as Jito, Raydium, Drift, and Binance's liquid staking significantly contributed to a 36% growth in deposits.
The increase in Solana's activity is not limited to memecoin trading. There are some valid criticisms regarding Solana's heavy reliance on memecoins, including Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT), all of which have surpassed the USD 1.5 billion market capitalization threshold.
Decentralized token launch platforms have been the main drivers of the increase in trading volumes on Solana's decentralized exchanges (DEX).
