The rise in Bitcoin and altocins, which made a strong start to October, makes investors happy.
While BTC has increased by more than 4% in the last 24 hours, some altcoins have risen almost 15%.
One of these altcoins was Solana (SOL). Approaching $25, Solana has become the seventh largest cryptocurrency by market value, surpassing Dogecoin (DOGE) and Cardano (ADA) with this price increase.
At this point, analysts think that SOL may experience further rises, especially if it can maintain its position above the 200 EMA, and if the strong rise in SOL continues, the price could potentially reach the $30 level.
As the SOL price rises, Solana is also showing strong growth in the DeFi market. The total value locked on the Solana blockchain has risen to $338.82 million, a 2023 high.
As of October 2, SOL's Total Value Locked (TVL) increased by approximately 4.15% in 24 hours, from $324.64 million to $338.82 million, a 4% increase and reached its highest level since the beginning of the year.
Over the course of 2023, SOL's TVL has shown significant growth, registering an impressive increase of approximately 38% since January 2023, when it stood at $210 million.
*This is not investment advice.