Solana TVL grows by 74%: What it means for you

• Solana’s TVL grew by over 70% in the last month.
• The network saw the highest daily volume trends in its history.

Solana [SOL] has experienced remarkable growth in TVL (Total Value Locked) compared to other chains in recent weeks. However, what has been the overall impact on Solana’s TVL trend?

Solana records the highest TVL growth trend

An examination of the collective Total Value Locked (TVL) across all chains revealed that Solana held the seventh-highest TVL position. However, a cursory glance at the rankings fails to capture the complete narrative.

Upon closer analysis, it became evident that, in the last month, the Solana network exhibited the most substantial change among the leading chains. 

As of this writing, the TVL had surged by more than 74% in the past month. Furthermore, within the last seven days, the TVL saw a remarkable increase of over 12%, surpassing any other network within the top 10.

How the Solana TVL and other key metrics have trended

According to DefiLlama, as of the 1st of October, Solana’s Total Value Locked (TVL) was around $326 million. Subsequent analysis by AMBCrypto revealed a noteworthy uptick in TVL before the end of October.

As of this writing, the TVL has risen to over $691 million, more than doubling the October figures. Although not reaching its historical peak, this represents the highest TVL recorded in over a year.

Furthermore, the chart showed a recent spike in network volume. The analysis of volume trends indicated that the current levels were the highest observed until press time.

While the all-time highest daily volume recorded was $568.1 million on the 9th of November 2022, this was a short-term trend. At press time, the volume was over $223 million, consistently staying above $100 million for nearly a month.

Source: DefiLlama

Additionally, Solana’s network experienced a rise in the number of daily addresses, which stood at 158,000 daily addresses at press time. These metrics collectively suggest heightened activity on the network. 

SOL stays above support levels

After the close of trade on the 2nd of December, Solana’s value had risen by more than 6%, trading around $63.7. However, as of this writing, it was trading at around $63.1, reflecting a slight decline of about 0.7%.

Chart analysis showed a consistent support level around the $51 mark, evidenced by instances of the price rebounding from this region.

Source: TradingView

How much are 1,10,100 SOLs worth today?

The overall price trend remained strong, as highlighted by the positioning of its short and long moving averages (yellow and blue lines). 

As for the impact on SOL, the increased TVL, volume, and daily addresses may contribute to positive sentiment. Higher network activity is often aligned with increased demand for the native token, potentially influencing its value positively.