Solana reclaims the $200 level as the total value locked for its DeFi ecosystem reaches a three-year high
Crypto treasury firms focused on solana hold in total 3.4 million tokens, with Upexi, DeFi Development Corp., and Sol Strategies taking the top spots.
Solana is leading market gains in the last 24 hours, increasing nearly 15% to around the $200 mark. The token’s trading volume in the period has also jumped, standing at $13.4 billion, more than double yesterday’s $6.1 billion figure, per CoinGecko. However, solana is still more than 30% away from its all-time high of $293 set at the beginning of the year.
The cryptocurrency’s price action comes as total value locked denominated in solana tokens for the network’s decentralized finance ecosystem has climbed to a three-year high to over 58 million tokens, data from DefiLlama shows.
The $200 level “matters because tokens trade like commodities and a big slice of crypto liquidity sits in systematic and momentum strategies,” according to Matthew Graham, managing partner at crypto investment firm Ryze Labs.
“Clear a round number and hold it and you trigger the reflexive loop where flows chase price and price pulls in more flows. If the other large caps start breaking out too, this might finally be the alt season everyone’s been calling for since forever,” Graham told Sherwood News.
Meanwhile:
Solana treasury firms are collectively holding 3.4 million tokens, the highest amount ever for these public companies, with Upexi, DeFi Development Corp., and Sol Strategies leading the pack, according to analytics from The Block.
DeFi Development Corp. released a letter to shareholders on Tuesday, stating that the company has a balance of 1.3 million solana tokens worth about $264.9 million and earns about $63,000 per day in solana-denominated revenue.
Upexi announced on Tuesday forming an advisory committee with Arthur Hayes, the chief investment officer of family office fund Maelstrom. Hayes was the cofounder and former CEO of global cryptocurrency exchange BitMEX, which pleaded guilty to violating the Bank Secrecy Act last year by willfully failing to implement an adequate anti-money-laundering program. However, US President Donald Trump pardoned Hayes in March, more than three months after BitMEX was ordered to pay a fine of $100 million.
