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Solana Hits New TVL High as Some Predict SOL will Outperform ETH

Published October 2, 2023 12:34 PM
James Morales
Published October 2, 2023 12:34 PM
Key Takeaways
  • The total value locked on Solana has climbed to $338.9M.
  • Solana’s TVL is now at its highest point since 2022.
  • The price of SOL has outperformed ETH in recent days.

With the price of Solana (SOL) surging over 20% in the past week, the alt coin has dramatically outperformed Ether, which climbed just over 10% in the same period.

Thanks to its strong price gains in recent days, the total value locked (TVL) on Solana has climbed to $338.9M, its highest TVL since 2022.

Solana TVL Swings Upward But SOL Price Lags Behind

Since crashing from around $1B to below $300M in November 2022, Solana’s TVL struggled for most of 2023.

According to DeFi Llama , the value of all assets locked on the network has been climbing in recent days, breaching above $330M on Sunday, October 1.

However, despite Solana’s recent TVL gains, the price of SOL remains comparatively low, even though it has been one of the past week’s top gainers.

Currently trading at a little under $24, SOL is still priced around 6% lower than its 2023 high of $27.4, which it hit back in July.

Ethereum Investors “Ignorant” to Ignore Solana, Says Analyst

In a series of recent posts on X, former Ark Invest analyst Chris Burniske questioned investment strategies that focus exclusively on ETH without paying attention to SOL.

Sharing a graph detailing how SOL has gained ground against ETH since July, Burniske cautioned against becoming “tribally attached” to Ethereum

Although he acknowledged that blockchain Ethereum developers have a good reason not to abandon the network, he said  that “If you’re an investor, not adding some SOL exposure to an existing ETH holding requires lots of mental gymnastics.”

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