Cryptocurrency Solana has once again surpassed a market capitalization of $100 billion, with significant growth in DeFi interest on the platform.
Solana Market Capitalization and Altcoin Interest
Solana's market capitalization has once again surpassed $100 billion, increasing by 6% in the last 24 hours. At the same time, capital is rotating out of Bitcoin, leading to renewed interest in altcoins like Ethereum, Dogecoin, and Cardano.
DeFi Ecosystem on Solana
The DeFi ecosystem on Solana is booming, with total value locked (TVL) jumping to $10.26 billion, the highest in nearly six months. Leading the charge are Jito Sol ($3.09 billion), Jupiter Exchange ($2.90 billion), and Kamino Finance ($2.89 billion).
Retail Investor Interest Grows
In the last 24 hours alone, over $11 million in SOL short positions were liquidated as the token climbed to $191. Open interest in SOL futures surged to $9.5 billion from $7.1 billion, while trading volume also jumped by 80% to over $20 billion. Analysts noted that this upward trend may lead to further price increases, especially if SOL surpasses the $189 mark.
The growing interest in Solana, particularly in the DeFi sector and from retail investors, alongside the rapid increase in market capitalization, may signal a continued upward trend for the cryptocurrency.
