Solana’s TVL Hits 34-Month High, Eyes $200 Price Mark
- Solana (SOL) is experiencing a rise in daily active addresses and DeFi activities.
- The Total Value Locked (TVL) in the Solana network has reached a 34-month high of USD 6.48 billion.
- Technical indicators suggest a possible continuation of the upward trend, with a target price of USD 200.
Solana’s Network Activity Reaches Record Highs
Solana, one of the leading blockchain platforms, is currently seeing a significant increase in network activity. The number of daily active addresses has reached an all-time high, indicating growing interest in the platform. Users are increasingly trading SOL or interacting with decentralized applications (dApps) developed on the blockchain. This development is confirmed by data from Token Terminal, which shows a continuous rise in daily addresses.
The network’s revenue has also increased. With a rise to USD 2 million per day, the highest value in the last six months, there is a growing demand for the Solana blockchain.
DeFi Activities on Solana Increase
A key area where Solana is gaining traction is the DeFi (Decentralized Finance) sector. According to DeFiLlama, the Total Value Locked (TVL) in the Solana network has reached a 34-month high of USD 6.48 billion. In comparison, Tron (TRX), another major player in the DeFi space, currently sits at a TVL of USD 6.94 billion. If the upward trend in Solana continues, the network could surpass Tron and become the second-largest blockchain in the DeFi sector.
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Additionally, revenues from DeFi activities on Solana have reached their highest level since March, further underscoring the increasing use of the network.
Technical Indicators Show Bullish Signals
The current price of Solana is USD 165, which is 36% below its all-time high. However, several technical indicators suggest that the upward trend is gaining strength. On the daily chart, SOL is trading within an ascending parallel channel, indicating a continued bullish trend. However, it is also evident that sellers have taken profits upon reaching the upper trendline.
The Chaikin Money Flow (CMF), an indicator of capital flow, is positive and has recently shown a strong increase. This signals a high inflow of capital into Solana. Additionally, the Average Directional Index (ADX), an indicator of trend strength, is pointing upwards, indicating a strengthening of the upward trend.
If Solana breaks through the next resistance level at USD 171, it could pave the way for further gains and push the price towards USD 200.
Long-Term Investors Bet on Solana
The positive outlook for Solana has also attracted the interest of long-term investors. The funding rates, an indicator of buyers’ willingness to pay a fee to maintain their long positions, have consistently been positive over the past two weeks. This suggests that many investors are betting on further price increases.
Our Assessment
Solana is currently showing strong signs of further growth, both in the DeFi sector and in overall network activity. The rise in daily active addresses and increasing revenues indicate that interest in the blockchain continues to grow. If the upward trend persists, a price target of USD 200 is quite realistic. However, it remains to be seen if Solana can break through the resistance at USD 171 to pave the way for further gains.
Sources: Token Terminal, DeFiLlama, TradingView, Coinglass
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