Solana Bounces Back 6% as Adoption Soars Amid Federal Reserve Hike

Solana has recovered from its recent dip following the Federal Reserve's interest-rate increase. The token rose by nearly 6% over the past 24 hours, trading at $106 on Friday.

The rally comes as Solana's adoption rate continues to soar, with several developments adding to activity around the network. Galaxy, a Nasdaq-listed firm with over $7 billion in assets under management, has announced that it now curates two lending vaults on Kamino, one in USDC and one in USDT.

Injective's INJ token has gone live on the Solana network, while Project Harmonia has linked Allfunds' distribution network to tokenized funds built on Solana. SEC Chair Paul Atkins has also pledged that the SEC will act within its existing authority to provide certainty for investors and technology entrepreneurs.

The comments are potentially positive for Solana because its blockchain hosts a large ecosystem of decentralized finance protocols, trading platforms, and tokenized assets. Greater regulatory clarity could encourage developers and financial institutions to expand their use of the network.