Solana (SOL) has faced challenges in maintaining its value, struggling to surpass $145 since July 3 amid a broader cryptocurrency market downturn.
The Solana ecosystem has seen various tokens underperforming, contributing to decreased demand for SOL. For instance, DogWifHat (WIF) dropped 24%, while Helium (HNT) and Jito (JTO) both saw 18% corrections from July 3 to July 12.
However, SOL remains the fourth-largest cryptocurrency by market cap, excluding stablecoins, with a valuation of $65 billion.
In comparison, Toncoin, Tron, and Avalanche have market caps of $18.4 billion, $12 billion, and $10.1 billion respectively. Solana’s total value locked (TVL) has closely matched BNB Chain’s since early July, indicating its competitive stance in the market.
Recent data from DefiLlama reveals Solana’s TVL closing the $2 billion gap observed with BNB Chain by the end of 2023. Key contributors to Solana’s TVL include Jito with $1.6 billion in deposits, followed by Marinade and Kamino each nearing $1.1 billion.
Tron holds the second position in TVL with $7.6 billion, driven largely by JustLend, a DeFi platform accounting for 72% of its total TVL.
Concerns remain over JustLend’s security, with 94% of its deposits backed by a Wrapped Bitcoin version lacking robust proof of reserves.
Solana continues to compete closely with BNB Chain for dominance in TVL, underscoring its position in the decentralized finance sector.
CoinMarketCap’s momentum algorithm is flashing strong upside signals for several fast-moving tokens. WEMIX, Drift, and OFFICIAL TRUMP Coin top today’s trending list, each driven by unique catalysts—from GameFi upgrades and DeFi volume surges to political tailwinds.
According to QCP Capital’s latest report, altcoin season may have finally arrived.
Solana (SOL) has gone up by 35% in the past 30 days as multiple tailwinds have lifted the price of this top altcoin above the $190 level. A breakout above this level favors a bullish Solana price prediction as it could anticipate a big move ahead, especially at a point when market conditions are favorable. […]
According to Swissblock, the altcoin market has reached a critical inflection point, with 75% of altcoins now sitting at resistance levels.