SOL (Solana) rose 5.92% in the last 24 hours.

Gate News Bot reports that on October 24, according to CoinMarketCap, SOL (Solana) is currently priced at $192.44, with a rise of 5.92% in the last 24 hours, reaching a high of $197.37 and a low of $174.74. The 24-hour volume has reached $6.394 billion. The current market capitalization is approximately $105.716 billion, an increase of $5.906 billion compared to yesterday. Currently, SOL ranks 6th in global Crypto Assets market capitalization.

Solana is a high-performance blockchain platform designed for large-scale applications. It supports developers in building various Web3 experiences, including payments, gaming, NFTs, DeFi, and DAOs. Solana is known for its fast transaction speeds, low fees, and environmental friendliness, with each transaction consuming only a small amount of energy. Currently, Solana is actively expanding into the mobile space with the launch of the Seeker phone and has achieved rapid rise in its developer ecosystem.

Important news about SOL recently:

1️⃣ The Solana ecosystem is rapidly developing The number of SOL locked in DeFi on the Solana network has reached 62.3 million, setting a new high since June 2022. At the same time, the volume of tokenized stock trading on the Solana chain has increased by 190 times compared to the previous period, with the Raydium platform capturing 76.5% of the market share. This indicates that Solana is making significant progress in the fields of DeFi and asset tokenization, attracting a large number of users to participate.

2️⃣ Institutional investors continue to rise their holdings Multiple institutional investors are actively positioning themselves in SOL. Citadel founder Ken Griffin disclosed holding approximately 4.5% of DeFi Development Corp. (DFDV), which is a digital asset management company focused on increasing its holdings in Solana. Furthermore, an investor purchased 500,000 SOL after liquidating HYPE for a profit of $23.83 million. These large-scale institutional investments demonstrate long-term investors' confidence in Solana.

3️⃣ Solana technology innovation continues to advance The Solana Foundation proposed the SIMD-0266 plan, introducing p-token as an efficient alternative to the SPL Token program. This optimization can reduce the utilization rate of the Token program's computing units by up to 98%, expected to free up about 12% of block space. Another improvement proposal, SIMD-0337, introduces a fast leader handover mechanism that will further enhance network performance. These technological innovations are expected to significantly improve Solana's transaction processing capacity and user experience.

From a technical perspective, the price of SOL has recently shown a rise trend. Considering the continuous optimization of network performance, the active layout of institutional investors, and the rapid development of the ecosystem, SOL still maintains strong market attention. Investors need to closely monitor the price trend and volume changes in the coming days.

This message is not intended as investment advice; investors should be aware of market volatility risks.