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HomeCryptocurrencyAltcoinsSOL Price Shoots Past $135 As Solana DeFi Ecosystem Thrives

SOL Price Shoots Past $135 As Solana DeFi Ecosystem Thrives



Bhushan Akolkar

After a solid rally earlier this week, the broader crypto market has paused for a while, however, Solana (SOL) continues its upward momentum with 10% gains for the second consecutive day. The daily trading volume for Solana has crossed $7 billion while the Solana price is up by 30% on the weekly charts. Interestingly, market analysts are expecting a Solana price rally to $200 in this month of March.

Solana DeFi Ecosystem Sees Strong Growth

Marginfi, a leading lending protocol on the Solana blockchain, has revealed the upcoming launch of YBX, an over-collateralized stablecoin. Liquidity-collateralized tokens will support YBX, backed by prominent Solana assets including jitoSOL, mSOL, bSOL, and LST. Also, the stablecoin will debut on the mainnet in the latter half of March.

$YBX is minted against Liquidity-Staking Tokens (LSTs) on the Marginfi platform. Notably, the staking yield generated from these LSTs will be redirected to $YBX holders, thus facilitating a process where $YBX accrues value against the USD with each epoch completed by Solana.

This mechanism enables minters to optimize their borrowing strategies, providing stable exposure below borrow rates. Moreover, holders of $YBX now have access to a diversified, yielding, and decentralized alternative to traditional stablecoins like USDC or USDT on the Solana blockchain. This introduction reflects Marginfi’s commitment to fostering innovation and providing value-added solutions within the decentralized finance (DeFi) space.

Also, Marginfi’s total value locked (TVL) currently stands at an impressive $580 million, cementing its position as the third-largest TVL protocol operating on the Solana network. This announcement marks a significant development in the Solana ecosystem, offering users a new stablecoin option backed by a diverse array of assets.

SOL Price Action

Solana’s market witnessed increased activity following a period of consolidation, where it traded within a tight range of $100 to $110 for about a week. This momentum prompted a breakout above the resistance level. Despite a brief correction of 5.85%, bullish sentiment swiftly regained momentum, driving the price up by 13%. As a result, Solana entered a bullish phase, breaking through the $125 resistance level. Analysts expect the Solana price rally to continue to $200 this month.

The recent surge in Solana’s price comes amid the excitement surrounding the Dogwifhat (WIF) meme coin, a token based on the Solana network. This frenzy resulted in a 50% increase in the meme coin’s price, rising from $0.52 on February 27 to $0.79. Since its introduction on December 14, 2023, WIF has experienced a staggering surge of over 374%.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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SOL Price Surges Over $135 Amid Growing Success of Solana DeFi Ecosystem

After a solid rally earlier this week, the broader crypto market has paused for a while, however, Solana (SOL) continues its upward momentum with 10% gains for the second consecutive day. The daily trading volume for Solana has crossed $7 billion while the Solana price is up by 30% on the weekly charts. Interestingly, market analysts are expecting a Solana price rally to $200 in this month of March.

Solana DeFi Ecosystem Sees Strong Growth

Marginfi, a leading lending protocol on the Solana blockchain, has revealed the upcoming launch of YBX, an over-collateralized stablecoin. Liquidity-collateralized tokens will support YBX, backed by prominent Solana assets including jitoSOL, mSOL, bSOL, and LST. Also, the stablecoin will debut on the mainnet in the latter half of March.

$YBX is minted against Liquidity-Staking Tokens (LSTs) on the Marginfi platform. Notably, the staking yield generated from these LSTs will be redirected to $YBX holders, thus facilitating a process where $YBX accrues value against the USD with each epoch completed by Solana.

This mechanism enables minters to optimize their borrowing strategies, providing stable exposure below borrow rates. Moreover, holders of $YBX now have access to a diversified, yielding, and decentralized alternative to traditional stablecoins like USDC or USDT on the Solana blockchain. This introduction reflects Marginfi’s commitment to fostering innovation and providing value-added solutions within the decentralized finance (DeFi) space.

Also, Marginfi’s total value locked (TVL) currently stands at an impressive $580 million, cementing its position as the third-largest TVL protocol operating on the Solana network. This announcement marks a significant development in the Solana ecosystem, offering users a new stablecoin option backed by a diverse array of assets.

SOL Price Action

Solana’s market witnessed increased activity following a period of consolidation, where it traded within a tight range of $100 to $110 for about a week. This momentum prompted a breakout above the resistance level. Despite a brief correction of 5.85%, bullish sentiment swiftly regained momentum, driving the price up by 13%. As a result, Solana entered a bullish phase, breaking through the $125 resistance level. Analysts expect the Solana price rally to continue to $200 this month.

The recent surge in Solana’s price comes amid the excitement surrounding the Dogwifhat (WIF) meme coin, a token based on the Solana network. This frenzy resulted in a 50% increase in the meme coin’s price, rising from $0.52 on February 27 to $0.79. Since its introduction on December 14, 2023, WIF has experienced a staggering surge of over 374%.

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