Amidst a lull in the crypto landscape, there’s one altcoin that has defied the prevailing slumber. Solana once hailed as the “Ethereum killer,” has emerged as the darling of institutional interest, outshining its peers in a time marked by stagnation. In a recent report, James Butterfill, head of research for CoinShares, dubbed Solana the “most-loved altcoin of the year,” and the numbers back up the claim.
SOL’s journey in 2023 has been nothing short of spectacular. With a staggering 27 weeks of inflows and a mere four weeks of outflows, this digital asset has consistently proven its worth In a span of a mere seven days, institutions poured in $5 million, propelling the token’s reputation as the choice of investors. What sets Solana apart? Butterfill cites its resurgence to strategic partnerships, notably with financial giant Visa, coupled with its ability to offer lightning-fast and cost-effective payments.
TronWeekly expressed a similar viewpoint, highlighting that the altcoin recently managed to surpass Cardano [ADA], claiming the esteemed position of the 8th largest cryptocurrency by market capitalization. Additionally, the prominent e-commerce entity Shopify integrated the SOL blockchain into its system for processing cryptocurrency payments, garnering significant interest from both the traditional financial sector and the cryptocurrency community.
The Solana network isn’t just attracting attention; it’s commanding it. Recently, it hit its highest Total Value Locked [TVL] of the year, soaring to an impressive $335.73 million, according to DefiLlama. The surge in TVL reflects growing user deposits, indicating heightened interest.
Solana’s Price Taps 6-Week High
As if that weren’t enough, Solana’s native token, SOL, witnessed a remarkable surge, trading at a remarkable 6-week high of $24.2, marking a 23% surge over the past month. On the weekly indices, SOL experienced a notable increase of 25%.
While other crypto assets might be in a state of dormancy, Solana’s strategic alliances, coupled with its unparalleled efficiency in transactions, have endeared it to investors worldwide. In a crypto world where excitement can sometimes wane, the SOL blockchain remains a testament to the enduring power of technological ingenuity and strategic partnerships. As institutional interest continues to grow, Solana’s journey is far from over—it’s merely just begun.