- Solana has exhibited significant growth in its Total Value Locked (TVL), paralleled by a notable price surge in the recent week.
- Solana’s price action has seen it reach around $28, nearing its 2022 price range.
Solana (SOL) has recently been a focal point in the cryptocurrency market, not just because of its significant price surge but also due to its commendable growth in Total Value Locked (TVL). This dual advancement has piqued the interest of numerous observers and investors alike.
Striking Growth in Solana’s TVL
Data released on July 14 provided compelling insights into Solana’s performance. Among the top 10 blockchain platforms, Solana showcased the highest growth in TVL. The figures indicated a daily jump of more than 17%, a weekly leap exceeding 22%, and a monthly surge surpassing 38%.
However, at the time of writing, daily figures had veered into negative territory, with seven-day and monthly figures also contracting to 10.6% and 36.1% respectively.
A closer look at the Solana TVL chart, provided by DeFiLlama, reveals subtle fluctuations that are otherwise obscured by a seemingly static overview. Starting from June 11, the chart clearly displays an upward trajectory, with TVL soaring from approximately $285 million to around $316 million at the time of reporting.
Furthermore, the chart demonstrated an impressive number of active users, with the count exceeding 110,000, just slightly lower than the 113,000 recorded the previous day.
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Continued Uptrend for Solana
On July 13, Solana embarked on an upward journey, with a significant price spike of over 18%, ending the trading day close to $26. At the time of reporting, SOL had registered an additional gain of about 8%, leading to a trading price surpassing $28.
It’s noteworthy that before its price dip in November, SOL was trading around the $30 mark. If the current price trend endures, it might reclaim that price range soon.
However, investors must consider the Relative Strength Index (RSI), which, at the time of reporting, suggested an overbought state, hinting at a potential price drop in the near future.
Another interesting point to monitor is the possibility of a golden cross formation in the near term. Should this occur, the SOL price could experience another upswing, leading to the establishment of new support and resistance levels.
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