Solana (SOL) has seen a significant price increase, trading above $145.24 on Oct. 11, marking a 5% gain in just 24 hours. This price surge has effectively reversed the losses from the past two days. But whatâs driving this impressive rise?
Key Factor: Liquid Staking Hits All-Time High
One of the primary reasons for Solanaâs price boost is the record-breaking surge in liquid staking within its ecosystem. The total value locked (TVL) in liquid staking has reached a new high, surpassing $5.7 billion. This surge represents over 7% of SOLâs market capitalization, indicating increased user engagement and confidence in the Solana network.
Diverse Ecosystem Use Cases
While Solana has gained attention for its memecoins, this rise in liquid staking showcases that the blockchain is attracting a broader audience. The top liquid staking protocols like JITO, Marinade, and Jupiter have contributed to the growth, with JITO holding the largest share at $1.88 billion in TVL, representing 45.2% of the ecosystemâs total supply.
Onchain Transactions and Network Growth
The activity on Solanaâs network continues to surge, with onchain transactions steadily increasing over the past few days. The number of daily transactions rose from 13,351 on Oct. 8 to 14,495 on Oct. 10, highlighting growing user interaction and adoption.
As more users engage with Solanaâs various services, including liquid staking, it naturally drives demand for SOL tokens, which in turn boosts the price. With a growing ecosystem that spans beyond memecoins, Solana is proving it has much more to offer.
Looking Ahead
As liquid staking and network activity continue to grow, the momentum behind Solanaâs price could remain strong. Investors are closely watching how the ecosystem evolves, as increased user interaction could push SOL to new heights in the coming days.
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