Solana Records 42.5M SOL in Network Deposits, Highest Since 2022

TLDR

• Solana (SOL) reaches $180, marking a 3-month high with a 16.3% monthly gain
• Solana surpasses BNB Chain to become second-largest network in liquid TVL
• Network sees highest deposits (42.5M SOL) since September 2022
• Leading in DEX volumes with 19% increase over past week
• Technical analysis suggests potential movement toward $200+ price target

Solana (SOL) has reached a significant milestone, trading above $180 for the first time in three months. The cryptocurrency has posted a 16.3% gain over the past month, reaching $183 as Bitcoin approaches its all-time high.

Recent data from DefiLlama shows the Solana network achieving its highest total value locked (TVL) in two years.

Network deposits have climbed to 42.5 million SOL, setting a new record since September 2022. This growth has been driven by several key platforms within the ecosystem.

Jupiter, a prominent platform on Solana, has recorded a 13% increase in deposits over the past 30 days.

Similarly, Raydium and Sanctum have shown strong performance, with deposit increases of 18% and 17% respectively during the same period.

In a notable development, Solana has overtaken BNB Chain to claim the second position in terms of liquid TVL, though it remains behind Ethereum.

The gap between these networks has been steadily narrowing. Binance’s recent launch of SOL liquid staking service, currently ranking tenth in the Solana ecosystem, demonstrates growing institutional interest in the network.

Comparing network performance, Ethereum‘s TVL showed a modest 2% increase over the past 30 days, while BNB Chain experienced a 5% decline.

However, it’s worth noting that TVL figures don’t tell the complete story, as many decentralized applications, including games, collectibles, and Web3 infrastructure, don’t require large deposit bases.

Solana has achieved another milestone by surpassing Ethereum in decentralized exchange (DEX) volumes. The network maintained this lead with a 19% increase over the past week, while Ethereum saw a 6% rise and BNB Chain declined by 3%.

Even when considering Ethereum’s layer-2 ecosystem, which grew by 5%, Solana emerged as the clear leader in trading activity.

Within the Solana ecosystem, several platforms have shown remarkable growth. Raydium’s volumes increased by 20%, while Lifinity and Phoenix recorded gains of 49% and 34% respectively over seven days. The memecoin sector has contributed substantially to these increased flows.

Notable memecoin performances include Moo Deng (MOODENG) with a 178% weekly increase, Goatseus Maximus (GOAT) rising 71%, and Nosana (NOS) gaining 70%.

While memecoin rallies often raise sustainability concerns, some tokens like Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF) have maintained value over longer periods.

Technical analysis indicates potential for further price appreciation. The funding rate for SOL perpetual futures currently stands at 0.01%, representing a monthly rate of approximately 0.9%. This moderate level suggests room for growth, as periods of high retail demand typically see rates exceeding 2.1% monthly.

The price movement has formed an inverted head and shoulders pattern on daily charts, with a breakout occurring above the 50% Fibonacci level at $159.59. The formation of consecutive bullish candles has resulted in a 13.22% price increase from the seven-day low.

Short-term price action shows an ascending channel pattern with higher highs and higher lows, supported by the 50-day simple moving average.

The current price is testing the 38.20% Fibonacci level at $180, with technical indicators suggesting possible movement toward the 100% Fibonacci level at $206.64.