Solana (SOL) emerged as a standout performer today, securing its position among the top daily gainers with an impressive uptick of nearly 7%, currently trading at $24.59. Despite the news that US-based traders on the Bitstamp crypto exchange will soon face limitations, including the suspension of trading for select high-profile tokens such as Solana, the token’s value has managed to experience a notable increase.
The unexpected development was disclosed via an official blog post by Bitstamp, where the exchange revealed its decision to halt trading for a total of seven cryptocurrencies catering to its US clientele. Effective August 29th, 2023, these new restrictions will come into effect, impacting the ability of American users to engage in trading activities involving the affected tokens, Solana being one of them.
This surge comes on the heels of a strong bullish run that SOL exhibited throughout the month of June and July. Commencing on June 14th, the cryptocurrency witnessed a remarkable price rally, propelling it from $14.06 to an impressive $32.13 within just 30 days. This surge translated to a staggering 128.5% increase, highlighting the coin’s robust momentum during that period.
The bullish sentiment surrounding SOL spilled over into higher timeframes, bolstering the confidence of its bullish investors. July also marked a positive trend for the cryptocurrency, as it continued to exhibit growth, registering an approximate 18.9% increase according to data from the last 30 days.
Bullish Momentum & Confidence In Solana’s Future
An additional indicator of Solana’s growing prominence is the notable inflow of capital it garnered. An influx of $9.5 million was recorded, marking the most significant weekly inflow since March 2022. This influx further underscores the increasing interest and investment in the Solana ecosystem.
Furthermore, a recent analysis by Messari, a prominent cryptocurrency data provider, delved into the Total Value Locked (TVL) growth across various blockchain networks. Among the diverse array of networks examined, Solana shone brightly with an exceptional surge in its TVL. This growth stood in stark contrast to the downturn experienced by other blockchain networks over the past month.
Visualized graphically, Solana’s TVL witnessed a substantial increase of over 14%. Remarkably, when compared to the other chains under scrutiny, only Optimism displayed positive TVL growth alongside Solana.
However, this divergence in performance further underscores Solana’s unique position in the current blockchain landscape, solidifying its reputation as a standout performer with a penchant for growth and resilience.
Related Reading | Exchange Balance of Shiba Inu Tokens Sees Dramatic Increase