Solana (SOL) Total Value Locked (TVL) Hits $6.468B, Highest Point Since January 2022

Solana's total value locked (TVL) reached an impressive $6.468 billion on Tuesday, October 22nd, its highest point since January 2022

Solana’s (CRYPTO: SOL) total value locked (TVL) reached an impressive $6.468 billion on Tuesday, Oct. 22, marking its highest point since January 2022, DeFiLlama data showed.

This milestone comes as the altcoin’s price remained largely bullish throughout the year.

A visual representation of the TVL shows a steady upward trend since the beginning of 2024, when it started at $1.417 billion.

Solana’s TVL has been predominantly bullish, rising steadily alongside the price of SOL, apart from pullbacks in April, July, and August.

Solana TVL on DeFiLlamaSolana (SOL) price analysis: Altcoin eyes yearly high after breakout from key Fib resistance

SOL emerged as one of the best-performing altcoins in 2024, both in terms of price appreciation and overall trend. The altcoin maintained a bullish outlook for almost the entire year.

Starting its rally in September 2023, SOL surged over 1,000% to reach a yearly high of $209.9 in March 2024.

Following a Q1 2024 rally, the altcoin market pulled back, with most altcoins giving up their earlier gains. However, SOL consolidated sideways instead of losing its gains.

The Solana blockchain’s native coin showed resilience, recovering from each major price dip and maintaining a bullish outlook.

Solana’s Rising TVL Shows Growing ConfidenceSolana (SOL) Price Prediction: Key Levels to Watch After Latest Surges

Solana's rising TVL and upward trend highlight the strength of its bullish outlook. DeFiLlama’s data showed the continuous influx of funds into the Solana ecosystem, suggesting growing investor confidence in the blockchain project.

This is further supported by the increasing number of decentralized applications being built on the scalability-focused blockchain.

Data from TradingView showed that SOL surged 24% in the past two weeks, recovering from a pullback that saw the altcoin’s value drop to $135.

This recent rebound saw SOL’s price push above several Fibonacci resistance levels, reigniting its bullish trajectory and driving the price above $170.

Solana price chart on TradingView.comSolana (SOL) Price Prediction: Technical Analysis Hints At Further Upside After Key Fib Breakout

According to analysts, SOL is set to continue climbing and could potentially retest the yearly high of $209.9. Breaking above this level could allow Solana to target a new all-time high.

The altcoin reached an all-time high of $260 in November 2021, a few months after it launched.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

The above is the detailed content of Solana (SOL) Total Value Locked (TVL) Hits $6.468B, Highest Point Since January 2022. For more information, please follow other related articles on the PHP Chinese website!