The price of Solana’s native token, SOL, has grown to yearly-highs above the $30 mark after Ripple secured a partial win against the United Securities and Exchange Commission (SEC).

On July 14th, SOL surged to a new year-to-date high of $30.06 according to CoinMarketCap data, and the positive escalation not only eliminated the losses from the previous month but also reclaimed a price-tag not seen since the infamous FTX collapse in November of 2022.

The Ethereum (ETH) alternative and an altcoin leader has benefited from the judge ruling that Ripple’s XRP has been deemed as “not a security” in its lawsuit against the SEC, which boosted the Total Value Locked (TVL) to a 2023 peak of $1.099 billion.

In a matter of 24 hours, the SOL blockchain processed more than 26.5 million transactions which signals high demand for the popular altcoin among crypto traders, investors and fanatics. The bullish sentiment in cryptocurrency market participants is growing and the majority of cryptocurrency markets are behaving optimistically following the milestone achieved by Ripple Labs.

Sources:

https://cointelegraph.com/news/solana-price-hits-a-2023-high-but-do-strong-fundamentals-back-the-sol-rally

https://www.fxstreet.com/cryptocurrencies/news/solana-hits-new-milestone-as-total-value-locked-hits-2023-high-of-11-billion-202307141648

https://coinmarketcap.com/currencies/solana/