Solana (SOL) has recently seen a significant surge, gaining 34.5% in a week, buoyed by favorable network metrics and increased demand for its decentralized applications (DApps). This upward trend is part of a broader rally in the cryptocurrency market, which includes notable gains by other tokens such as Dogecoin and Shiba Inu.
One key factor contributing to Solana's price rise is the total value locked (TVL) in its smart contracts, which has reached 40.7 million SOL, the highest since November 2022. This 30% increase year-to-date underscores the growing user activity and demand for Solana-based DApps, such as those on NFT marketplaces and decentralized exchanges (DEXs)【11†source】.
Additionally, the increased trading volumes on platforms like the OpenSea NFT marketplace and DApps like Jito and Saber have contributed to the network's growth. The OpenSea marketplace alone reported a weekly volume of $7.8 billion【11†source】.
Moreover, despite some operational challenges, including a five-hour outage in February, Solana has maintained robust performance compared to other blockchains that faced similar issues【11†source】.
For more detailed information on Solana's recent performance and future prospects, you can check out the comprehensive analysis on Cointelegraph [here](https://cointelegraph.com/news/solana-gains-34-5-in-a-week-and-network-metrics-support-further-gains)【11†source】.
One key factor contributing to Solana's price rise is the total value locked (TVL) in its smart contracts, which has reached 40.7 million SOL, the highest since November 2022. This 30% increase year-to-date underscores the growing user activity and demand for Solana-based DApps, such as those on NFT marketplaces and decentralized exchanges (DEXs)【11†source】.
Additionally, the increased trading volumes on platforms like the OpenSea NFT marketplace and DApps like Jito and Saber have contributed to the network's growth. The OpenSea marketplace alone reported a weekly volume of $7.8 billion【11†source】.
Moreover, despite some operational challenges, including a five-hour outage in February, Solana has maintained robust performance compared to other blockchains that faced similar issues【11†source】.
For more detailed information on Solana's recent performance and future prospects, you can check out the comprehensive analysis on Cointelegraph [here](https://cointelegraph.com/news/solana-gains-34-5-in-a-week-and-network-metrics-support-further-gains)【11†source】.
