In recent days, the price of Solana (SOL) has continued to demonstrate volatility, attracting the attention of investors and analysts.
Current SOL Performance
SOL price hovered around $178 after testing the $180 support zone, indicating consolidation. According to BitGuru, the token formed a bullish double bottom around $160, which led the altcoin to surge past the $200 mark before sellers rejected the move. Bitcoin, as noted by Crypto King, has also shown a strong bounce off the uptrend support with confirmed higher lows and an objective set at around $295.
Ecosystem Growth and Institutional Adoption
According to Messari, Solana's total value locked (TVL) in DeFi surged 124% year-on-year, reaching $8.6 billion, making it the second-largest ecosystem after Ethereum. Institutional investments have also increased; for instance, the French company Acheter-Louer expanded its SOL assets to $2.7 million through a €2 million bond offering. This underscores growing corporate confidence in Solana as a treasury asset.
Decentralized Finance Market
Despite recent price fluctuations, SOL accounts for 42% of the decentralized exchanges market share by handling $1 billion in volume. Meanwhile, Jupiter Exchange led this sector with $6.04 billion in weekly volume. However, it's important to note that quarterly on-chain application revenue declined by 44% to $576 million, highlighting uneven growth across the ecosystem.
Solana continues to be a significant player in the cryptocurrency market; however, the current price pressures and declining trading volumes suggest that investors should pay attention to further changes and trends.
