Solana market cap surges past $100 billion as DeFi ecosystem TVL also spikes above $10 billion

Insights DeFiSolana

Solana network sees renewed interest with SOL price hitting a six-month high.

Solana’s market cap has climbed back above the $100 billion threshold, driven by a broader crypto market recovery that is lifting the value of major altcoins.

As of July 21, data from CryptoSlate shows Solana’s market cap surged by over 7% in the past 24 hours, reaching approximately $104 billion, its highest point since January. This follows a notable price increase that pushed SOL to a six-month high of $194.

SOL Market Cap (Source: Tradingview)

The recent price surge has also invigorated Solana’s DeFi ecosystem. According to DeFiLlama data, the total value locked (TVL) across Solana-based protocols now exceeds $10 billion. This is the highest level recorded since January and reflects renewed interest in the network’s DeFi offerings.

SOL DeFi TVL (Source: DeFiLlama)

The growth is also visible in decentralized exchange (DEX) activity. Solana-based DEX platforms processed $23 billion in trading volume over the past week, a nearly 22% increase compared to the previous week.

This uptick in user activity suggests improving liquidity and growing confidence in the network’s scalability and performance.