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The price of Solana (SOL) has been on a wild ride over the past month, hitting a high of $64 on Saturday.
SOL is up an impressive 163% from October’s low, leading investors to speculate on how high the token can go before the end of the year.
Meanwhile, traders are also showing strong support for the emerging TG.Casino (TGC) project, which has recently crossed the $2 million milestone in its limited-time presale phase.
Solana Price Rally Driven by Growing Crypto Optimism
Solana is now at its highest level since May 2022, capping off an impressive eight weeks of growth for the token.
This rapid growth is driven by a confluence of factors, including the dissipation of fears around continued FTX-related selling of SOL tokens.
The potential negative impact of these sales has been mitigated by strategic vesting schedules and sale limits, mechanisms that have effectively eased investor concerns.
Additionally, the growing buzz around a spot Bitcoin ETF approval has lifted sentiment across the crypto market.
Solana has been one of the top performers over the past month amid this optimism.
In the derivatives markets, Solana has also seen open interest pop to above $740 million, indicating heightened interest from leverage traders.
Meanwhile, funding rates have trended positive, meaning that the bulls are dominating and paying shorts in perpetual swaps.
This trend suggests a strong belief among many traders in SOL’s potential for further upside.
SOL Ecosystem Shows Signs of Recovery with Rising TVL & User Growth
Beyond the derivatives market, there are signs of solid growth in Solana’s underlying ecosystem.
After declining for six straight weeks, Solana’s total value locked (TVL) has started to reverse course over the past few days and is now above $540 million.
While it’s still below the levels seen before FTX’s collapse, this suggests that the worst may be over for Solana’s ecosystem.
Importantly, this TVL growth isn’t just from a few large holders.
The number of active addresses using Solana DeFi has jumped recently, even as competitors like Ethereum have seen declines.
This points to genuine user growth on Solana – with the increased network activity acting as a catalyst for SOL demand.
Additionally, the increased adoption of Solana’s unique features, such as low transaction fees and high throughput, is attracting more developers and projects.
This could further bolster the ecosystem’s resilience and help SOL soar higher in the final weeks of 2023.
Crypto Traders Bet on TG.Casino Presale with New GambleFi Token Offering Attractive Rewards
While Solana grabs the headlines, some crypto traders are also excited about a new blockchain casino project called TG.Casino (TGC).
This platform, operating directly on Telegram, offers users access to a wide array of casino games and sports betting options, featuring a streamlined and no-KYC signup process.
TG.Casino recently surpassed $2 million raised in its ongoing presale for its native ERC-20 token, TGC.
TGC offers many perks for holders and stakers on the platform, including 25% cashback on losses, special games and events, and up to 266% APY for staking the token.
TG.Casino also employs a buyback mechanism to reward stakers with a share of the casino’s monthly profits.
Importantly, these features are implemented without compromising safety, as evidenced by TG.Casino’s comprehensive audit by Coinsult and its official gaming license from Gaming Curacao.
Anticipating major developments, such as top-tier exchange listings for TGC, crypto enthusiasts are actively acquiring presale tokens, currently priced at $0.155.
This price is set to increase after three days, a strategic approach designed to reward early investors with the most advantageous entry point.
Overall, given the expected growth of the crypto gambling space in the coming years, TG.Casino could be a strong contender in this emerging market.
Visit TG.Casino Presale