Solana eyes uptrend beyond $100: Is it feasible?

Journalist

Posted: February 12, 2024

• Solana’s TVL broke a month-high record.
• SOL continued its uptrend beyond $100.

A critical metric on Solana [SOL] has been displaying an upward trend over the past few weeks, reaching a level that has not been observed in over a year.

In light of this growth, how has the performance of SOL been in recent times?

Solana sees historic TVL rise

AMBCrypto’s analysis of Solana’s Total Value Locked (TVL) showed a recent surge to a new peak. According to data from DefiLlama, the TVL began its ascent around the 23rd of January, starting at around $1.2 billion.

Since then, the TVL has increased by about $500 million, reaching about $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 networks built on Solana highlighted Marinade Finance as the top contributor to the TVL. At the time of this writing, Marinade Finance’s TVL was around $1.2 billion.

Although Jupiter held the title of the most popular network in the ecosystem at press time, its TVL was about $140 million.

Solana sees a decent volume trend

An examination of Solana’s volume trend showed a notable surge in activity over the past few months. The chart showed a substantial increase in volume around December, reaching a peak of over $1.3 billion.

Before this, the volume typically hovered around the $150 million range. While there has been a decline in volume since the beginning of the year, it has not dropped below the $500 million range.

At the time of this writing, the volume was over $560 million. This trend in volume suggested that the Solana network was experiencing heightened activity.

SOL sees consecutive uptrends

AMBCrypto’s look at Solana’s price trend on a daily timeframe showed that it’s not just the volume experiencing an upward trend.

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At the time of this writing, SOL was on the brink of establishing a seven-day consecutive uptrend, a noteworthy occurrence after several months.

The data showed that the uptrend began on the 5th of February when SOL was trading at $95.5. At the time of this writing, it was trading at around $109.7, reflecting a modest increase of less than 1%.

Source: Trading View