- Solana’s DeFi TVL has risen more than 80% in the past month.
- Despite the overall market downturn, demand for SOL continued.
Solana’s (SOL) decentralized finance (DeFi) value locked (TVL) has surged more than 80% in the past month, Reuters reported. Dipilama.
This impressive growth puts Solana’s DeFi TVL at its highest level in the past two years.
At press time, the network’s DeFi TVL was $3.8 billion. Among TVL’s top five DeFi networks, it was ranked as the blockchain with the highest growth over the past month.
Source: DefiLlama
Solana’s DeFi ecosystem so far this month
The surge in Solana’s TVL over the past month is due to a significant increase in trading volume for DeFi protocols on the layer 1 network (L1).
Since the beginning of this month, the total daily recorded trading volume on the protocol has increased by 125%.
In fact, on March 15, Solana’s DeFi volume reached $3.7 billion, the highest in several years.
Network fees on March 16 totaled $3.61 million, marking the network’s highest daily record fees since launch.
Revenue from these fees was $1.6 million, representing the network’s highest daily revenue.
Source: DefiLlama
SOL ignores market trajectory.
At press time, SOL was trading at $187. The value of altcoins has increased by 72% in the past month, according to data from CoinMarketCap.
While the rest of the market struggles with price reversals, SOL bucks the trend as bullish sentiment grows.
AMBCrypto’s assessment of the coin’s movement on the daily chart shows a steady increase in demand for SOL.
For example, On-Balance-Volume (OBV), which tracks a coin’s buying and selling pressure, was trending upward at press time.
As of press time, SOL’s OBV was $591.42 million, up 16% since early March. When the OBV of an asset witnesses this kind of growth, it signifies growing buying momentum.
Source: TradingView
How much is 1,10,100 SOL worth today?
SOL’s rising Chaikin Money Flow (CMF) trend confirmed this growth. This indicator measures the flow of funds into and out of an asset.
SOL’s CMF, which was above zero at press time and returned a value of 0.27, indicated increased liquidity inflows into the market.