Solana's highest data of the year: Will SOL rise?
The total asset value (TVL) locked on the Solana blockchain has risen to its highest level in the past year.
The native token of the Solana blockchain, SOL, has not been able to break above the resistance level of $150 since August 12. Despite the weak performance of SOL, the blockchain has been seen to gain strength with the performance increase in decentralized applications.
Crypto investors are starting to wonder if the developments on the Solana network will push the price of SOL to $190. Cointelegraph, which published an in-depth review of SOL’s progress, gave important signals.
Cboe Global Markets’ removal of the 19b-4 forms for Solana spot ETFs from its website has caused a lack of enthusiasm among investors. Market commentators, including financial lawyer Scott Johnsson, suggest that SEC Chairman Gary Gensler has rejected Solana ETFs on securities charges.
Bloomberg ETF analyst Eric Balchunas has a similar view. He said the chances of Solana ETFs being approved are slim, but that the needle could turn if Donald Trump wins the US election.
According to crypto analyst CoinMamba, the increasing memecoin craze on Ethereum and Tron blockchains is decreasing the interest in Solana.
Arguing that the growth of the Solana ecosystem is undeniable, Cointelegraph said:
“The increase in the total value locked (TVL) on the Solana blockchain shows that SOL still has potential to rise. On August 22, 34.9 million SOL were locked in the Solana network with decentralized applications, representing the highest level since October 2022 and a 13.7% increase compared to the previous month.”
Jupiter, which reached $ 1.06 billion TVL, and Kamino, which holds $ 1.48 billion in deposits, are keeping the Solana ecosystem alive.
Jupiter, which reached $1.06 billion in TVL, and Kamino, which holds $1.48 billion in deposits, are keeping the Solana ecosystem alive.
Analysts, who stated that SOL has been going through difficult times, expect a recovery rise in the near future.
