Solana (SOL / USD) enjoys showing exemplary performance while the rest of the market is in decline. The broader market has cooled off from last week’s bulls, but Solana’s bull rally appears to be just beginning.
On October 25, SOL hit an all-time high of $ 219, according to CoinGecko, and although it has lost some of those gains, it is still showing signs of further spike.
Solana outperforms XRP by market capitalization
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After the 24-hour profit, Solana managed to outperform Ripple’s XRP by market capitalization. The token now has a market capitalization of over $ 63 billion and is now ranked below Tether.
Solana already outperformed XRP in market cap when its bullish rally was strong in September. At that time, Solana managed to push its way from below the top 10 list to outperform major tokens in the market such as Polkadot (DOT / USD), Dogecoin (DOGE / USD) and USDC. Since Solana secured a position in the top 10 list, Solana has held up well and hasn’t fallen to previous lows.
After hitting the all-time high of $ 219, Solana’s market cap nearly surpassed that of Cardano and Tether. If it can hold those gains and repeat a rally similar to September, the altcoin could easily find a spot in the top 5.
Solana’s network is also performing
Solana prides itself on being the fastest blockchain network, and this factor has given it an edge over other networks in the market such as Ethereum, which is dealing with a huge scalability problem.
The network’s total locked down value recently hit new monthly highs of around $ 13.5 billion. The TVL is a metric used to show the value of the projects working on the Solana blockchain. Last month, Solana’s soaring TVL coincided with large SOL price hikes as the network saw strong adoption of DeFi and NFT projects.
On the other hand, this TVL is expected to keep growing after the Solana Ignition hackathon that supports DeFi developers. The projects that will win in this hackathon are expected to start on the Solana network and open new profits for the Solana network and the SOL token.
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