Ethereum is currently the leading smart contract platform, while Solana was its biggest rival until the major crash. Due to the volatile nature of the crypto market, SOL Coin has been struggling with significant losses for a long time. So, what do the latest data tell us?
According to a report by the blockchain analytics protocol 0xScope, major networks saw significant increases in Total Value Locked (TVL) last week. Ethereum, the biggest alternative for smart contracts, witnessed a 5.25% increase in its TVL, reaching $2.46 billion. Aave and Convex Finance were the two major players supporting this growth.
On the other hand, the weakness in the ETH price continues. Despite the increase in TVL, the price has not been able to recover significantly from its lows. Moreover, the ongoing negativity in the BTC market and the historical performance of September are not appealing to investors.
At the time of writing, the price remains below $1,600. Although there has been some recovery after the $1,531 low, the $1,670 threshold has not been surpassed. Cryptocurrencies are showing negative performance due to the delayed interest rate cut schedule and the Federal Reserve’s statements of continued pressure on risk markets.
Solana also recorded significant gains throughout the week. The Solana-based liquid staking protocol shows weak but promising signals with over $7 million worth of SOL Coins locked in the platform. There has been a recovery in deposits and stakers in the Solana ecosystem for the past 3 months. Liquid staking appears to strengthen Solana’s presence in the DeFi sector. Lido Finance received approximately $3.3 million in entries to Solana.
However, the price is not currently at satisfactory levels. Like most altcoins, SOL Coin is moving in the opposite direction it should be heading.
With the price remaining below $20, there is a possibility of it dropping to $18 or even $13.5. Although the price is not moving much due to the stagnant BTC market, SOL Coin investors may witness a rapid movement to $30 or $13.5 with increased volatility.