The Solana network saw a strong comeback in the third quarter of the year, as statistics collated by Step Finance show the blockchain experienced significant positive trends amidst the bear market.
Data insights showed that Solana closed Q3 strongly, posting increases in SOL tokens, market capitalization, and total value locked (TVL). This comes after the network signed some key partnerships during the last quarter.
SOL Price Shows Resilience
Despite the unfavorable macroeconomic environment that saw SOL reach as low as $14 in June, the token has bounced back pretty well. Evidently, Solana’s SOL started the quarter at $23.7 and trended above $24 before freezing out to a broader market capitulation.
Solana’s token recovery in the last quarter stemmed from a Bitcoin recovery and a handful of partnerships with large investors. The network struck deals with Visa, Shopify, and MetaMask, sparking significant price movements for SOL.
Market Cap and TVL Boost
The Solana network also saw an increase in market capitalization on a quarter-to-quarter basis. Solana network’s market cap grew by over 25% in Q3, moving from under $8 billion to $10 billion and outperforming most crypto assets in the top 100.
Notably, the Solana network also saw a 25% increase in TVL in the last quarter. Solana TVL hit a yearly high of $328 million in August before slowing down slightly. The increment could be affiliated with improvements in investor market sentiment and the blossoming of DeFi protocols like Marginfi and SolBlaze.
Bounce Back-Ability
The Ethereum killer has shown it has the ability to shrug off setbacks pretty well. From the drawback of its involvement with the now-defunct exchange FTX to the branding of its token as a security by the SEC, the network always seems to find its way back.
The scalability and fast nature of the Solana network also attract developers to the blockchain; little wonder it is the fourth largest network by the number of active developers, only behind Ethereum, Polkadot, and Cosmos.
