- The total value locked (TVL) on the Solana network has reached an all-time high of $42.4 billion, according to Token Terminal.
- Solana’s price has declined despite the increase in network adoption and TVL.
- The overall crypto market recently experienced a rally, followed by a sharp correction.
- Historical data shows October is often a positive month for the crypto market, with possible further gains ahead.
- A decision by the U.S. Securities and Exchange Commission on spot Solana ETF applications is expected on October 10, which could impact the price.
The total value locked (TVL) on the Solana blockchain has reached a new all-time high of $42.4 billion, signaling increased use of applications built on the network. This milestone comes even as Solana’s (SOL) price has continued to move lower during a broader market downturn.
Recently, the crypto market rallied, with Bitcoin hitting a record $126,080 and Solana surpassing $236. This rally proved short-lived as prices retreated, bringing SOL down to $220, where it now finds some support.
According to CoinGecko’s SOL data, Solana has declined 2.6% over the past 24 hours and 4.1% in the last week. However, the asset has maintained longer-term gains, rising 13.3% over 14 days, 1.5% over the previous month, and 58.7% since October 2024.
Market observers note that October typically brings gains for cryptocurrencies. There is also a possible interest rate cut expected after the next Federal Reserve meeting, which could influence prices. The U.S. Securities and Exchange Commission is set to announce its decision on spot Solana ETF applications on October 10. A favorable outcome could trigger further gains, but there is potential for the decision to be delayed.
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