SOL’s bullish momentum persists, but its TVL remains much smaller than some of its competitors.
Solana’s native token, SOL (SOL), gained 2% on March 14, despite not sustaining the $173 level. Remarkably, this movement happened amid a 4% downturn in the wider cryptocurrency market. Currently priced at $164, SOL has seen an impressive 36% increase since March 5, prompting investors to wonder whether the catalysts for a bull run toward $200 still exist.
The downturn in the crypto market is partly due to a notice from Hong Kong’s Securities and Futures Commission (SFC) on March 14. The notice claims that the Bybit exchange is unauthorized to offer lending and derivatives products in the area. As the second-largest derivatives exchange, Bybit has a significant $15.1 billion in open interest, as reported by CoinGlass.
Additionally, the recent United States Labor Department’s Producer Price Index (PPI) report, which measures the average changes in prices domestic producers receive for their goods and services, influenced investor sentiment. The PPI increased by 0.6% from January to February, diminishing the likelihood of an interest rate reduction by the U.S. Federal Reserve on March 20.
