Unlocking the Impact: Solana Records Remarkable 74% Growth in Total Value Locked (TVL)

Key Points

• Solana’s TVL soars by 74% in the last month.
• Network volume hits unprecedented levels.
• Daily addresses on Solana surge, signaling increased activity.

In the blockchain world, Solana (SOL) has become a leader thanks to a remarkable increase in Total Value Locked (TVL) during the last several weeks. Even though it has the seventh-highest TVL ranking out of all chains, a closer look at the data shows an interesting story.

Solana’s network has outperformed its rivals with an unheard-of rise of over 74% in TVL in only the previous month. With a remarkable 12% increase over the last seven days, the market’s leading competitors have not even come close to matching this remarkable run.

Recognizing the Trend: Important Data and Conclusions

As of October 1st, DefiLlama’s statistics indicated that Solana’s TVL was $326 million. But further investigation revealed a significant jump, with the TVL currently above $691 million. This is the highest TVL recorded in more than a year and more than doubles the data from October.

Furthermore, Solana’s network has seen a notable increase in volume that has reached previously unheard-of levels. According to the most recent data, the volume has been consistently above $100 million for almost a month, and it is currently over $223 million. Even though November 9, 2022, marked the historical peak of $568.1 million, the network appears to be strong and active based on the volume that has been consistently high.

As of the time of publication, Solana’s network had 158,000 daily addresses, a significant rise. All of these indicators suggest increased activity in the Solana environment.

Performance of the Market and Degrees of Support

After the market closed on December 2nd, Solana’s value increased by a noteworthy 6% to $63.7. But as of the most recent report, it has marginally decreased to $63.1, representing a 0.7% loss.

Based on chart analysis, there appears to be a strong support level at $51, as demonstrated by price bounces off of this barrier. The long and short moving averages’ bullish posture (yellow and blue lines) indicates that the overall price trend is still strong.