Solana TVL sees surprising surge alongside price rally
- Solana has witnessed growth in its TVL in the past week and month.
- SOL price action has put it around $28, close to the 2022 price range.
The remarkable surge in Solana’s [SOL] price has captured the curiosity of countless individuals. However, it’s worth noting that its Total Value Locked (TVL) has also been experiencing encouraging advancements of late.
Read Solana’s [SOL] Price Prediction 2022-23
Solana TVL posts impressive TVL stats
On 14 July, a report highlighted noteworthy statistics concerning Solana. Among the top 10 chains, Solana displayed the most substantial growth in Total Value Locked (TVL). The data depicted a daily surge of over 17%, a weekly surge of over 22%, and a monthly surge of over 38%.
However, as of the time of writing, the daily statistics had turned negative, with the seven-day and monthly statistics also decreasing to 10.6% and 36.1%, respectively.
The current state of the TVL
Upon initial inspection of the Solana TVL chart, sourced from DefiLlama, it may appear as a stagnant line, suggesting a lack of movement. However, upon closer examination, it became apparent that this seemingly flat line exhibited subtle oscillations.
Starting on 11 June, an upward trend became evident, with TVL reaching around $285 million. As of this writing, TVL had climbed to approximately $316 million, indicating a notable increase.
Furthermore, the chart revealed a respectable number of active users. As of this writing, the active user count surpassed 110,000, slightly lower than the 113,000 observed the previous day.
Solana uptrend persists
On 13 July, Solana initiated an upward trajectory, experiencing a substantial price surge of over 18%, concluding its trading session near $26. As of this writing, SOL had achieved an additional gain of approximately 8%, resulting in a trading price exceeding $28.
It’s worth noting that before its price decline in November, SOL was trading around the $30 mark. This means that if this price trend persists, it could potentially reclaim that price range.
How much are 1,10,100 SOLs worth today?
However, it’s important to consider the Relative Strength Index (RSI), which indicated an overbought state at press time. This suggests the possibility of an impending price decline shortly.
Also, with the above price trend, it looked like a golden cross might happen soon. If it does, the price might witness another uptrend, and new support and resistance might form.