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Posted on:
- Solana’s TVL breaks one-month record.
- SOL continued its upward trend above $100.
Important indicators for Solana (SOL) have been trending upward over the past few weeks, reaching levels not observed in over a year.
In light of this growth, how has SOL performed recently?
Solana confirms historic TVL rise
AMBCrypto’s analysis of Solana’s Total Value Locked (TVL) shows that it has recently surged to new highs. According to data from DefiLlama, TVL began its rise around January 23, starting at around $1.2 billion.
Since then, TVL has increased by approximately $500 million, reaching approximately $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.
Source: DefiLlama
AMBCrypto’s closer examination of the network built on Solana highlighted Marinade Finance as the top contributor to TVL. At the time of this writing, Marinade Finance’s TVL was approximately $1.2 billion.
Jupiter held the title as the most popular network in the ecosystem at press time, but its TVL was around $140 million.
Solana is seeing decent volume trends.
Examining Solana’s trading volume trends, we have seen a noticeable surge in activity over the past few months. The chart shows a significant increase in trading volume around December, reaching a peak of over $1.3 billion.
Previously, trading volume typically hovered around the $150 million range. Trading volume has been decreasing since the beginning of the year, but has not fallen below the $500 million range.
At the time of this writing, it was worth over $560 million. This volume trend suggests that activity on the Solana network is picking up.
SOL shows a continuous upward trend
AMBCrypto’s look at Solana’s price trends on a daily basis reveals that it is not just volume that is experiencing an upward trend.
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At the time of this writing, SOL is on the verge of forming a 7-day straight uptrend, a notable event in several months.
Data shows the upward trend began on February 5, when SOL was trading at $95.5. At the time of writing, it was trading at around $109.7, reflecting a slight increase of less than 1%.
Source: Trading View