The Solana ecosystem has gained momentum in the past 24 hours with the SOL price up more than 8 percent on Wednesday to trade around $24.13. The Solana daily traded volume is up 100 percent in the past 24 hours to stand around $1.3 billion today.
As the altcoin market shows early signs of an imminent breakout, it is worth noting the SOL price has gained nearly 140 percent YTD. Should the upward momentum persist in the coming weeks, the Solana market could obliterate losses incurred during the FTX and Alameda Research implosion.
Solana Fundamentals at Close Range
As a top ten altcoin, Solana (SOL) is under the radar of a significant number of cryptocurrency traders. Furthermore, the Solana coin takes pride in a market capitalization of approximately $9.4 billion. On the top list, the Solana market is largely bolstered by a vibrant ecosystem of developers. As of today, the Solana ecosystem takes pride in a total value locked (TVL) of approximately $290 million with top DeFi platforms including Solend, Serum, Raydium, Orca, and Marinade Finance.
However, it is the launch of the Saga Mobile tomorrow that has sparked high enthusiasm within the Solana community. Notably, Solana’s Saga Mobile is a Web3-focused hardware that enables users to access decentralized applications (Dapps) seamlessly.
The SOL ecosystem is also boosted by the fact that the Solana Name Service (SNS) is available to all Brave browser users. Notably, Brave Browser inked a strategic partnership with Bonfida, the creators of Solana Name Service (SNS), to enable native resolution of SNS names in the Brave browser and Wallet.
Source: https://coinpedia.org/altcoin/solana-sol-spikes-ahead-of-tomorrows-saga-mobile-launch-event/