Solana’s TVL Soars 74% in a Month, Boosting Network Volume
Solana’s TVL grows by 74%: What does this mean for you?
Solana has seen notable growth in some key metrics in recent weeks. But how does this affect SOL?
Solana records the highest TVL growth trend
An examination of the total value locked (TVL) across all chains found that Solana took the seventh highest TVL spot. Upon closer analysis, however, it turned out that the Solana network showed the largest change among the leading chains in the last month. At the time of publication of this article, the TVL had increased by more than 74% in the last 30 days. In addition, the TVL recorded a notable increase of over 12% in the last seven days, which is more than any other network in the top 10.
How Solana’s TVL and other key metrics have evolved
According to DefiLlama, Solana’s TVL on October 1 was about $326 million. A subsequent analysis by AMBCrypto revealed a notable increase in the TVL before the end of October. At the time of publication of this article, the TVL has risen to over $691 million, more than double the October figures. This is the highest TVL recorded in over a year. In addition, the chart showed a recent increase in network volume. The analysis of volume development showed that the current values were the highest ever.
SOL remains above support levels
After the close of trading on December 2, the value of Solana had risen by more than 6% and was at about $63.7. However, at the time of publication of this article, it was at about $63.1, reflecting a slight decline of about 0.7%. The chart analysis showed a constant support level around the $51 mark, which was evidenced by cases of price recoveries from this region.
How much are 1, 10, 100 SOL worth today?
The overall price trend remained strong, as highlighted by the positioning of the short and long-term moving averages (yellow and blue lines). As for the impact on SOL, the increased TVL, volume, and daily addresses could contribute to a positive sentiment. Higher network activity is often associated with increased demand for the native token, which could potentially have a positive impact on its value.
Sources
DefiLlama, AMBCrypto, TradingView
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