<a href="https://www.cryptoknowmics.com/news/solana-leads-altcoin-surge-xrp-struggles-amid-legal-battle/" target="_blank" rel="noopener">Solana</a> (SOL) has faced difficulties in maintaining its value, struggling to surpass $145 since July 3 amid a broader cryptocurrency market downturn. The ecosystem has seen various tokens underperform, contributing to decreased demand for SOL. For instance, DogWifHat (WIF) dropped 24%, while Helium (HNT) and Jito (JTO) both saw 18% corrections from July 3 to July 12.
<h2>SOL’s Market Position</h2>
Despite these challenges, SOL remains the fourth-largest cryptocurrency by market cap, excluding stablecoins, with a valuation of $65 billion. In comparison, Toncoin, Tron, and Avalanche have market caps of $18.4 billion, $12 billion, and $10.1 billion, respectively.
<h2>Competitive TVL Performance</h2>
Solana’s total value locked (TVL) has closely matched BNB Chain’s since early July, indicating its competitive stance in the market. Recent data from DefiLlama reveals Solana’s TVL closing the $2 billion gap observed with BNB Chain by the end of 2023. Key contributors to Solana’s TVL include Jito with $1.6 billion in deposits, followed by Marinade and Kamino, each nearing $1.1 billion.
<h2>Comparative TVL Analysis</h2>
Tron holds the second position in TVL with $7.6 billion, driven largely by JustLend, a DeFi platform accounting for 72% of its total TVL. However, concerns remain over JustLend’s security, with 94% of its deposits backed by a Wrapped Bitcoin version lacking robust proof of reserves.
<h2>Solana’s Continued Resilience</h2>
Solana continues to compete closely with BNB Chain for dominance in TVL, underscoring its position in the decentralized finance sector. While facing market pressures, SOL's strong TVL and substantial market cap highlight its resilience and continued relevance in the crypto market. As Solana navigates these challenges, its ability to maintain a significant market position will be closely watched by investors and industry observers.

<em><strong>Disclaimer: </strong></em>The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Solana Faces Market Challenges but Remains Strong in TVL and Market Cap

Despite market downturns, Solana (SOL) holds its ground with a $65 billion market cap and close competition with BNB Chain in total value locked (TVL).

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Solana Faces Market Challenges but Remains Strong in TVL and Market Cap

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