Solana (SOL) price breaks through $100, market capitalization rises to fifth place

Solana (SOL) price recovered after a five-hour network outage, surpassing $100 and becoming the fifth largest cryptocurrency by market capitalization, CryptoPotato reported. Despite criticism following the outage, SOL bulls managed to push the price up to $105, up 5% in seven days. Currently, SOL and Cardano (ADA) are the two best performing currencies this week. Well-known anonymous trader and analyst Wick (ZeroHedge on X) hinted that SOL may have further room to rise in the future. Wick noted that SOL's recent price action is similar to previous market movements in October and December last year. In addition, Solana's total locked value (TVL) is close to $1.8 billion, which may be another reason for the rise in SOL's price. The prosperity of the Solana ecosystem has attracted a large number of users and capital, especially the decentralized exchange Jupiter (JUP). According to DefiLlama, Solana’s TVL is $1.74 billion at press time, up nearly 500% since October 2023, a figure that has not been seen since June 2022, a clear sign that Solana’s DeFi ecosystem is recovering and investor interest is returning to the blockchain.