SOL cryptocurrency rate increased by 10% per day

Cryptocurrency Solana (SOL) has become one of the market leaders in terms of rate growth over the past day. On April 11, 2023, this value was fixed at $22.37, which was 9.9% higher than the same figures 24 hours ago. Experts noted that the reason was not only the rapid growth of quotations of Bitcoin (BTC), but also the excitement around the launch of new Android smartphone.

SOL exchange rate reached a monthly peak at $22.50. As of the time of writing the news, the capitalization of digital token was $8.75 billion, which allowed to maintain the 10th place in the ranking of the best virtual assets. Trading volumes secured by traders amounted to $628.52 million for the reporting time period. This indicator jumped by 340.55% for the day.

According to analysts of the research company Coinglass, the growth of SOL quotes led to the liquidation of almost $2.7 million. About 92% were short positions (shorts).

Experts called the excitement around the release of Saga a key factor in the growth of Solana cost. This is an Android smartphone running on the desired blockchain. Its release is scheduled for April 13, 2023. It was expected that the phone would allow users to create their own NFTs and access the ecosystem of applications and projects based on this network.

According to the DeFiLlama service, the total blocked cost of funds (TVL) in Solana-based DeFi applications has increased from $208 million to $294 million since the beginning of this year.

Analysts recalled that Solana is a blockchain network using a proof-of-stake (PoS) mechanism. It was launched in March 2020 by Solana Labs. As in many other popular first-level projects, its developers could create various applications for decentralized finance (DeFi) and non-fungible tokens (NFT) on the network.