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.
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.
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.”