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Cryptocurrency prices surged on Wednesday, tracking gains in the broader market and anticipation of more interest rate hikes.

Solana rose by 7.43% in the past 24 hours to $36.24 by 10:43 AM ET (14:43 GMT).

Solana had fallen sharply from its 2023 highs as crypto prices floundered amid macro uncertainty and the U.S. government’s crackdown on the industry.

But the price was showing signs of recovery, aided by increased institutional interest in crypto and optimism over a potential pivot in U.S. monetary policy.

Solana was one of the best-performing major tokens in 2023.

The token had shot up more than 2,008% in the past year, lagging only Axie Infinity’s staggering 6,420% gain.

Solana’s price was also up 13.68% for the week.

Its gains came after the blockchain reported a surge in total value locked in DeFi protocols on Wednesday.

Data from DeFi Llama showed that TVL on Solana had risen by 10.37% over the past 24 hours to $1.23 billion.

Solana’s TVL had also risen by 28.86% in the past seven days.

Solana was among the worst-hit major tokens this year, as rising interest rates and the U.S. government’s crackdown on the industry sparked volatility in the crypto market.

The token’s price had fallen by 76.3% from its 52-week high of $154.46, reached in August 2022.

Solana’s price also fell sharply from its 2023 highs, which were reached in February, amid macro turbulence and the collapse of major cryptocurrency exchange FTX.

Solana’s price had since fallen by 70.8% from its 2023 highs.

Solana’s gains came as the broader crypto market rose, tracking gains in the U.S. equities market.

The S&P 500 Stock Market Index and the Dow Jones Industrial Average futures rose on Wednesday, ahead of the April consumer price index report.

The CPI reading, due at 8:30 AM ET (1230 GMT), was expected to show a 3.3% year-over-year rise and a 0.3% month-over-month increase.

A smaller-than-expected CPI reading could put more pressure on the Fed to pause its interest rate hikes.

The Fed left interest rates unchanged at the 4.5%-4.75% range at its last meeting, but several officials signaled that they expected to raise rates again this year.

The central bank had already increased the benchmark overnight lending rate by 2.5 percentage points since last March to combat sticky inflation.

suggest that inflation is slowing, which could prompt the Fed to pause its rate hikes at its next meeting in June.

Rising interest rates usually reduce demand for riskier assets like crypto.

But some analysts said that the crypto market was already pricing in a potential rate hike this year.

"The market is getting used to the fact that there will likely be one more rate hike this year, probably in the summer," said Ben Lilly, portfolio manager at crypto hedge fund Inner Circle.

"We’re not really pricing in any additional rate hikes after that."

suggest that inflation is slowing, which could prompt the Fed to pause its rate hikes at its next meeting in June.

Rising interest rates usually reduce demand for riskier assets like crypto.

But some analysts said that the crypto market was already pricing in a potential rate hike this year.

"The

suggest that inflation is slowing, which could prompt the Fed to pause its rate hikes at its next meeting in June.

Rising interest rates usually reduce demand for riskier assets like crypto.

But some analysts said that the crypto market was already pricing in a potential rate hike this year.

"The