Solana's SOL Surges 500% Since January, Total Value Locked Reaches $670 Million

According to CryptoPotato, Solana's native token, SOL, has experienced a significant price increase of 500% since January 1, currently trading around $60 with a recent high of almost $70. The total value locked (TVL) in Solana's DeFi ecosystem has climbed to approximately $670 million as of December 5, though still below the $10 billion peak in late 2021 when SOL's price was over $250. Analysts are optimistic about SOL's future growth, with predictions of reaching new all-time highs of $300 to $1,000, and recommendations to invest in both Ethereum and Solana for diversification. According to data presented by DefiLlama, the last time the TVL on Solana reached its current peak was in November 2022. However, it is still far from the heights registered in the last quarter of 2021 when SOL's price hit an all-time high of over $250 and the total value locked stood at more than $10 billion. Numerous analysts, including Twitter users Crypto King and Jacob Canfield, have predicted that Solana's value could hit a new ATH in the following years. Crypto King believes it could reach $300 in the long run, while Canfield envisions the price exploding to a whopping $1,000. Canfield also advised people to diversify and invest in both Ethereum and Solana, comparing the decision to betting on Microsoft or Google, or Tesla or Ford. Another individual who believes the asset is on the verge of a bull run is Crypto King, who forecasted that SOL would be the first altcoin to pump 3x, with a possible 2x at $120 very soon.