- Solana’s Total Value Locked (TVL) projected to reach $18 billion, driven by expansion in liquid staking tokens.
- Increased TVL indicates stronger network security and investor appeal, potentially boosting liquidity and DeFi activities.
Solana’s Total Value Locked (TVL), a metric reflecting the total assets under management, is projected to reach $18 billion, according to recent analyses.
Analyst, using data from a public tweet, suggested that the liquid staking token sector could expand by five times, contributing to this increase in TVL.
Solana Liquid Staking Explosion
Incoming: @Bybit_Official Research told Cointelegraph:“In our view, #Solana has a huge potential for liquid staking due to its active staking community. Based on #Ethereum’s LST market statistics, Solana’s LST market could potentially grow to $18…
— MartyParty (@martypartymusic) September 15, 2024
This projection is supported by the introduction of new liquid staking tokens by platforms such as Binance, Bybit, and Bitget.
The increase in TVL indicates a strengthening of Solana’s network, making it more secure and potentially more attractive to investors. This development could increase liquidity within the network, facilitating more activities in decentralized finance (DeFi).
The upward trend in TVL indicates growing confidence and participation in Solana’s ecosystem.
Markets for Solana are also influenced by whales
Data from Coinglass shows a $10 million liquidity pool maintained at a price level of $138, indicating significant backing at this price point. Such investments can help stabilize or increase the asset’s price by locking more funds into the network’s protocols.
Exchange outflows, where investors transfer SOL tokens from exchanges to staking protocols, are further evidence of a growing preference to hold rather than sell the asset. This movement reduces the number of tokens available on exchanges, potentially leading to price increases if demand remains steady.
ETHNews technical analysis supports these observations, indicating strong market support for SOL prices in the $135 to $138 range. This support aligns with the liquidity pools maintained by large investors.
The growth in Solana’s TVL, driven by increased liquid staking and substantial backing from large investors, suggests a robust future for the network. The reduction of SOL tokens on exchanges, coupled with a favorable technical outlook, suggests potential upward movements in price.
The current price of Solana (SOL) is $130.89, down 4.84% as of the latest market data. The daily range for Solana is between $130.89 and $131.59. Over the past 52 weeks, Solana has traded between $18.65 and $209.70, indicating considerable volatility.
Solana’s market cap is approximately $61.28 billion, with a 24-hour trading volume of $1.40 billion. The circulating supply is 468.23 million SOL.
