Solana was on a roll from Oct. 22-29, flexing a strong uptrend after dipping to $160 on Oct. 26.
Solana Numbers the Last 7 Days
Solana was on a roll from Oct. 22-29, flexing a strong uptrend after dipping to $160 on Oct. 26. The price has climbed steadily, rising 8.07% in the past week to $181.04, as the altcoin market in general feels the effects of Bitcoin’s rising tide lifting all boats.
SOL seriously caught traders’ attention with a 38% rise in trading volume in the past 24 hours, reaching $3.89 billion.
- Price: $181.04, up 8.07%
- Market cap: $85.14 billion
- DeFi TVL: $6.404 billion
- Daily active addresses: 6.5 million
- 24H trading volume: $3.89 billion
How Did Solana Stack Up Against Its Competitors?
Solana is making serious waves in the DeFi ecosystem, boasting over $6 billion total value locked (TVL) and generating almost $3 million in daily fees.
Looking at competitors like Sui, Polygon and Ethereum, Solana's high metrics paint the picture of a blockchain that has found its DeFi groove.
Solana is crushing it compared to other layer-1s across the board. While the average L1 sees about 4.5 million daily transactions, Solana is processing a staggering 43 million, and its developer activity is more than triple the competition with 338 weekly active devs.
Solana Ecosystem the Last Week
It was another big week for the Solana ecosystem as SOL's price breached the $180 level on Oct. 29, with meme coins like PopCat fueling the uptrend.
Raydium also led the surge with 28% gains, echoing Solana's high DEX trading volume of $1.9 billion in the past week. Is the Solana DeFi summer around the corner?
Top Gainers:
- Raydium (RAY): +28.6%
- Popcat (POPCAT): +21.23%
- Cat in a dogs world (MEW): +12.71%
Top Losers:
Solana DeFi
Solana's DeFi ecosystem sits at more than $6.4 billion in TVL, while the network flipped Ethereum in daily fees after generating $2.4 million on Oct. 28.
The liquid staking protocol Jito is leading the pack with $2.45 billion in TVL—nearly double its closest competitor Kamino.
Raydium, whose price performance set the bar for the ecosystem during the week, saw its TVL decline 8.8% in the same period.
Solana's daily active addresses outshined its competitors, highlighting the network's growing influence in the DeFi sector.
Solana Meme Coins
- Moo Deng (MOODENG) had the most dramatic seven-day increase at 177.7%, showing that the appetite for low-cap Solana meme coins is still high.
- Bonk’s (BONK) downtrend continued after experiencing a 4.6% drop over the last seven days.
- Dogwifhat (WIF) has the highest market cap and largest 24-hour trading volume among Solana meme coins.
Solana DePIN
According to DePIN Scan, Render (RENDER) leads the pack with a $1.98 billion market cap, while Hivemapper only has $135.5 million.
Io.net continued its winning streak from the previous week and notched the highest 24-hour trading volume of $141 million.
NFTs
- Solana dominates the 24-hour user count, with over 13.7K active users while Polygon comes at a distant second with 4.65K users, according to NFT Pulse.
- Solana also leads in seven-day user activity with 65.96K users, over 45% of the total across all blockchains shown.
- Solana stands out as the blockchain with the highest user activity and adoption levels over both short- and medium-term timeframes.
Top 5 Solana News Stories
Solayer Debuts a First-of-its-Kind Stablecoin on Solana
Solayer Labs has unveiled sUSD—the blockchain's first stablecoin that generates yield for its holders. Uniquely, sUSD is backed by U.S. Treasury Bills, enabling users to earn around 4% interest, paid directly in USDC, without requiring staking or manual interventions.
Solana Flips Ethereum in Daily Fees
On Oct. 28, Solana flipped Ethereum as the largest fee-generating blockchain, raking in over $2.5 million in 24-hour fees driven by growing trading activity on its leading DEX, Raydium.
Phantom Wallet Buckles Under Grass Airdrop Surge
The Grass Airdrop on Solana has overwhelmed Phantom, Solana's leading wallet. This has caused major downtime and disrupted millions of users from claiming their tokens.
Solana Goes Live on Arkham
Arkham now offers Solana users advanced on-chain data analysis capabilities, from visualizing large fund movements to tracking the performance of top traders on the network.
Solana Closes in on BNB’s Market Cap
Solana's resurgence has pushed SOL's price above $180, its highest price in three months, within striking distance of overtaking BNB's market cap. With a market cap of $84.3 billion, Solana is hot on BNB's heels, closing in on its $88.7 billion market value. However, its fully diluted value of $105 billion effectively makes it bigger than BNB and the fourth-largest by market cap—still a way to go to catch up to Ethereum’s $316 billion.
What You Can Do Now
- Check out sUSD, the first-of-its-kind stablecoin backed by U.S. Treasury bills.
- Watch Solana’s growing DeFi ecosystem after it overtook Ethereum in daily fees generated.
- Closely follow Solana’s airdrop fallout as the Grass airdrop overwhelmed the Phantom wallet.
- You can take your trading a notch higher by following Arkham’s on-chain data analysis on Solana.
- Monitor Solana’s price as the layer-1 blockchain nears BNB’s market cap.
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