Exploring the Possibility of Solana Surpassing $100 in an Upward Trend

Exploring the Possibility of Solana Surpassing $100 in an Upward Trend

The Positive Trend in Solana’s TVL and Volume

The trend of Solana’s Total Value Locked (TVL) and volume reflects a positive trajectory in the network. Solana’s TVL recently broke a month-high record, and SOL continued its uptrend beyond $100. A critical metric on Solana, SOL, has been displaying an upward trend over the past few weeks, reaching a level that has not been observed in over a year.

Solana’s Historic TVL Rise

AMBCrypto’s analysis of Solana’s Total Value Locked (TVL) revealed a recent surge to a new peak. According to data from DefiLlama, the TVL began its ascent around the 23rd of January, starting at around $1.2 billion. Since then, the TVL has increased by about $500 million, reaching about $1.9 billion at the time of this writing.

This represents the highest TVL the Solana network has experienced in over a year, with the last comparable level observed around June 2022.

  • AMBCrypto’s closer examination of the networks built on Solana highlighted Marinade Finance as the top contributor to the TVL.
  • At the time of this writing, Marinade Finance’s TVL was around $1.2 billion.
  • Although Jupiter held the title of the most popular network in the ecosystem at press time, its TVL was about $140 million.

Solana’s Decent Volume Trend

An examination of Solana’s volume trend showed a notable surge in activity over the past few months. The chart displayed a substantial increase in volume around December, reaching a peak of over $1.3 billion. Before this, the volume typically hovered around the $150 million range.

While there has been a decline in volume since the beginning of the year, it has not dropped below the $500 million range. At the time of this writing, the volume was over $560 million. This trend in volume suggests that the Solana network is experiencing heightened activity.

SOL’s Consecutive Uptrends

AMBCrypto’s analysis of Solana’s price trend on a daily timeframe showed that it’s not just the volume experiencing an upward trend. At the time of this writing, SOL was on the brink of establishing a seven-day consecutive uptrend, a noteworthy occurrence after several months.

The data showed that the uptrend began on the 5th of February when SOL was trading at $95.5. At the time of this writing, it was trading at around $109.7, reflecting a modest increase of less than 1%.