- Solana daily active addresses have jumped to record highs amid rising DeFi activity.
- Solana DeFi TVL has also reached a 34-month high of $6.48 billion.
As a seasoned crypto investor with over a decade of experience in this wild west of digital assets, I’ve seen my fair share of bull runs and bear markets. However, the current surge in Solana [SOL] has caught my eye, not just because of its impressive 16% rise in two weeks, but more importantly, due to the network growth it’s experiencing.
Over the past week, Solana (SOL) has experienced a 7% increase, while its value has climbed by 16% over the last fortnight. Currently, it is being traded at approximately $165.
While the bullish trend across the broader cryptocurrency market aided SOL’s recovery, network growth has also been a catalyst behind the recent gains.
According to data from Token Terminal, the number of daily active Solana addresses has been steadily increasing and now reaches an all-time record level.
This indicates a favorable outlook towards Solana, as people engage in trading SOL or utilize the decentralized apps (dApps) built on its blockchain network.
On Solana, daily earnings have surged to an all-time high of $2M over the past few days, a figure not seen since the previous six months, suggesting a growing interest in the blockchain network.
Will Solana flip Tron by DeFi TVL?
As a crypto investor, I’ve noticed an increasing adoption within the Solana network, particularly in the realm of Decentralized Finance (DeFi). Recently, the DeFi Total Value Locked (TVL) on Solana has skyrocketed to a 34-month high of $6.48 billion, as per data from DeFiLlama.
Concurrently, the Total Value Locked (TVL) in Tron (TRX) has decreased to approximately $6.94 billion. If Solana’s TVL keeps growing, it could potentially surpass Tron and take the second spot as the blockchain with the second-highest TVL by this measure.
The revenue generated from Decentralized Finance (DeFi) on the Solana network has surged to its peak since March, underscoring a growing trend in user activity.
It’s commonly perceived that the expansion of a blockchain network is generally seen as a positive sign, potentially leading to a surge in its value. Moreover, various technical signals suggest that Solana’s upward trend remains robust even after the recent dip.
Technical indicators show bullish signs
Currently priced below its peak, Solana (SOL) is about 36% away from reaching its all-time high. Multiple optimistic indicators suggest it may surpass the $200 mark and potentially establish a fresh record high.
On the daily chart, Solana is currently moving inside an upward sloping channel, indicating a strong upward trend.
The altcoin is also facing resistance at the upper trendline showing that sellers booked profits when Solana approached this level.
The Chaikin Money Flow (CMF) not just exceeds zero, but it’s significantly rising upward. This indicates a robust upward trend in the market, suggesting that there’s a substantial increase in investment flowing into Solana, signifying strong bullish sentiment.
The trend’s intensity seems to be growing stronger, as suggested by the increasing slope of the Average Directional Index (ADX).
With these optimistic indicators lining up, Solana (SOL) might target the upcoming resistance at approximately $171. Should it surpass this level, SOL would have breached the ascending parallel channel, suggesting potential for further price increases ahead.
Read Solana’s [SOL] Price Prediction 2024–2025
The bullish signs have also drawn the attention of long traders, as Solana Funding Rates have been positive for two weeks.
This shows that long buyers are willing to pay a fee to maintain their positions, which reinforces the bullish thesis.
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2024-10-24 03:36