As a green picture continues to be painted in the crypto market, Solana (SOL) is stamping its authority in the digital asset space as the coin with the highest year-to-date gain.
According to CoinGecko, SOL leads the pack with a 214% YTD increase in the top ten crypto list, with Bitcoin (BTC) and Chainlink (LINK) taking the second and third spots, respectively.
As the seventh largest cryptocurrency based on market cap, SOL has enjoyed bullish momentum as more investors continue jumping on the Solana bandwagon.
For instance, investment products on the Solana network experienced a 74.1% increase in October 2023 after hitting a whopping $140 million, according to CCData.
The total value locked (TVL) on Solana’s decentralized finance (DeFi) market has been experiencing a notable surge, based on DefiLlama data.
DefiLlama highlighted that the TVL on the Solana blockchain has scaled heights after hitting $378 million. Notably, Solana’s TVL had nosedived to lows of $210 million this year, representing an 80% surge.
TVL depicts the dollar value of crypto assets embedded in smart contracts. Therefore, a rise in Solana’s TVL is bullish, given that it depicts heightened investor confidence about the protocol’s future.
Furthermore, TVL slashes the available supply, meaning that Solana is experiencing low selling pressure.
Is Solana Eyeing the $3,000 Level by 2030?
If Solana’s user base hits 100 million, leading crypto asset management company VanEck believes SOL could skyrocket to $3,211, representing a 10,000% surge.
Nevertheless, VanEck highlighted that a bearish scenario could see Solana trade below the psychological price of $10.
Therefore, based on this prediction, VanEck expects Solana to become the first blockchain to be able to hold at least 100 million users.
Solana continues to make airwaves in the crypto space thanks to various sector developments, such as decentralized finance.
For instance, leading asset manager Coinshares recently highlighted that SOL was the most preferred altcoin based on soaring inflows, as reported by ZyCrypto.