The Solana blockchain ecosystem has seen a surge in total value locked (TVL), surpassing $6 billion and driving a 4.94% increase in the price of SOL, the native token of the network. In the last 24 hours, SOL’s trading volume has also risen by 24.05% to $4.13 billion.
Data from DefiLlama indicates that the Solana TVL currently stands at $6.54 billion, with a stablecoin market cap of $3.67 billion. The network boasts 5.34 million daily active users and processed 41.08 million transactions in the past day.
This milestone marks the highest TVL for Solana since 2022, when it exceeded $10 billion during the 2021 bull run. The community’s confidence is evident as approximately 83% of circulating SOL is now staked, with 10 million SOL (worth over $2 billion) being staked in the last month alone.
Factors contributing to Solana’s growth include Stripe enabling USDC payments on the blockchain and increased NFT activity. The network is now on par with Polygon in NFT activity and leads in chain royalties at $405.8K.
Despite FTX unstaking 178,631 SOL, SOL’s price is currently at $173.54, up 5% in the past 24 hours and 14% in the last week. Over the past 30 days, Solana has outperformed many top altcoins, gaining 18.58% and achieving a remarkable 461.52% surge since October 2023, reaching a market cap of $81.58 billion.
The Solana Relative Strength Index (RSI) is at 70.76, indicating that the altcoin is currently overbought. Traders may consider taking profits and re-entering if the price drops.
It is important to note that the information provided in this article is for informational and educational purposes only. It is not financial advice, and caution should be exercised before making any investment decisions based on the content mentioned herein.
