Solana TVL hits $1.29 billion, sparking speculation about SOL price increase

From Cointelegraph

August 23, 2024 5:20pm:

The total value locked on Solana has surged to $1.29 billion, marking a new all-time high for the blockchain platform. This increase in value locked has sparked speculation about whether the price of SOL, the native cryptocurrency of Solana, will reach a new all-time high as well.

Solana has been gaining popularity in the crypto space due to its fast transaction speeds and low fees. The surge in total value locked on the platform is seen as a positive sign for SOL price growth as it indicates increased interest and activity on the decentralized network.

Despite the positive momentum, analysts remain cautious about predicting a new all-time high for SOL price. The cryptocurrency market is notoriously volatile, and external factors such as regulatory crackdowns or market sentiment could impact the price of SOL in the coming weeks.

Read more at Cointelegraph: Solana TVL hits near 1-year high — Will SOL price follow?