🌎 Solana TVL Surpasses $2 Billion as Funds Flow from Ethereum through Wormhole Bridge

On Feb. 20, Solana achieved a significant milestone as its Total Value Locked (TVL) surpassed $2 billion for the first time in 2 years. The influx of funds from Ethereum through the Wormhole bridge indicates potential price gains for SOL in the near future.

Solana Price Update

Despite reaching a new peak of $118.40 on Feb. 15, SOL’s price has experienced a 12% decline, currently trading at $103. This dip comes amidst a 5% growth in the total altcoin market, suggesting that the price movement is influenced by profit-taking rather than external factors.

Inflows from Ethereum

Over the past week, Solana has seen inflows of over $24.6 million from Ethereum, highlighting the growing interest in Solana’s efficient and cost-effective defi services. This trend indicates a shift towards Solana as a preferred platform for developers and defi users.

Solana Defi TVL Reaches $2 Billion

Despite the recent price pullback, Solana’s Total Value Locked (TVL) has crossed the $2 billion mark, signaling strong fundamentals and network growth. The increasing demand for Solana’s defi services could lead to a bullish price reversal towards the $150 territory in the coming weeks.