Solana Experiences Strong Bullish Market Sentiment from Traders as Vietnam Eyes Regional Blockchain Hub Status

Given that Solana (SOL) recently hit a 3-month high after scaling the $180 heights, it seems the sky’s the limit for the fifth-largest cryptocurrency based on market value.

Stable network growth has been a major catalyst for Solana’s bullish momentum, with daily active addresses currently traversing all-time highs (ATH).

According to Token Terminal data, the number of active daily addresses in the Solana blockchain is edging closer to the 10 million mark, and daily revenues recently hit a six-month high of $2 million.

Source: Token Terminal

Solana’s booming network has triggered its expanding DeFi ecosystem, where the total value locked (TVL) surged to a whopping $6.34 billion, according to DeFiLlama data.

Thanks to Solana’s skyrocketing economic activity, the altcoin looks destined for greater heights with the psychological price of $200 in the picture.

Source: Crypto Rand

According to CoinGecko data, SOL was up 7.9% in the past week to hit $178 at the time of writing.

Meanwhile, a Solana whale recently raked in a whopping $2.5 million in profits thanks to a bullish market. 

Vietnam Reveals Ambitious Blockchain Plan

As Solana continues to make significant strides in the crypto market, the Vietnamese government is working hard to make the nation a major blockchain player in Asia.

Based on a five-step action plan, Vietnam intends to boost human resources, create testing centers, and propel blockchain brands.

Making Vietnam a go-to place for blockchain application, deployment, and research in Southeast Asia will act as a stepping stone toward enhanced digital technology development.

Per the announcement, “The Government aims to build 20 prestigious blockchain brands in terms of platforms, products and services on the blockchain technology platform in the region; maintain the operation of at least 3 blockchain testing centers or special zones in major cities to form a national network.”

Therefore, Vietnam envisions being a regional blockchain hub by 2030.