SOL - Up 20% Over the Past 30 Days Is Solana a Buy Now?
2023-10-07 07:55:00 ET
Over the past 30 days, Solana (CRYPTO: SOL) has been one of the top-performing cryptos, up 20% compared to just 5% for Bitcoin. And that has led to renewed investor optimism for Solana, which had previously been a crypto darling before the so-called "crypto winter" hit last year. For the year, Solana is now up a staggering 136%.
The big question, of course, is whether the underlying fundamentals support the rapid price appreciation of Solana over the past nine months. Here's a closer look at three factors that could lead to Solana soaring even higher.
Let's start with a metric -- total value locked (TVL) -- that is routinely used as a quick way to measure the relative strength of any blockchain. Generally speaking, the higher the TVL number, the healthier the blockchain. And Solana has been absolutely crushing it lately. Solana's TVL recently hit a new high for 2023, completely changing the narrative around Solana. A rising TVL number means that users are growing more confident about "locking" their funds on the Solana blockchain.
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Up 20% Over the Past 30 Days, Is Solana a Buy Now?