- Solana’s TVL has grown by more than 70% in the past month.
- The network has seen its highest daily trading volume trends in history.
Solana (SOL) has experienced notable growth in Total Value Locked (TVL) compared to other chains in recent weeks. But what has been the overall impact on Solana’s TVL trends?
Solana records highest TVL growth trend
When we examined the overall Total Value Locked (TVL) of all chains, we found that Solana had the 7th highest TVL ranking. But a cursory look at the rankings fails to tell the full story.
Upon closer analysis, we found that the Solana network has seen the biggest change among the major chains over the past month.
As of this writing, TVL has surged more than 74% over the past month. Moreover, over the past seven days, TVL has outperformed any other network in the top 10, with an impressive increase of over 12%.
Trends in Solana TVL and other key indicators
As of October 1, Solana’s Total Locked Value (TVL) was approximately $326 million, according to DefiLlama. AMBCrypto’s follow-up analysis showed that TVL showed a notable uptick before the end of October.
As of this writing, TVL has risen to over $691 million, more than double October’s figure. Although it has not reached its historic peak, this represents the highest TVL recorded over the past year.
The chart also shows a recent surge in network volume. Analysis of volume trends indicates that current levels were the highest observed at the time of going to press.
femaleThe highest daily volume recorded on November 9, 2022 was $568.1 million, but this was a short-term trend. At press time, trading volume was over $223 million and has remained consistently above $100 million for nearly a month.
Source: DefiLlama
Additionally, Solana’s network has seen an increase in daily addresses, reaching 158,000 addresses per day at press time. Collectively, these indicators suggest increased activity in the network.
SOL remains above support level.
Since trading closed on December 2, Solana’s value has risen more than 6%, trading at about $63.7. However, at the time of writing, it is trading at around $63.1, reflecting a slight decline of around 0.7%.
Chart analysis shows a consistent support level around $51, evidenced by the case for a price bounce in this area.
Source: TradingView
How much is 1,10,100 SOL worth today?
The overall price trend remained bullish, as highlighted by the positions of the short-term and long-term moving averages (yellow and blue lines).
As for the impact on SOL, increases in TVL, volume, and daily addresses can contribute to positive sentiment. Higher network activity often coincides with increased demand for the native token, potentially having a positive impact on its value.