Solana TVL Surpasses $6 Billion, SOL Price Jumps 5%

The total value locked (TVL) in the Solana blockchain ecosystem has exceeded $6 billion, driving a 4.94% increase in the price of SOL, the network’s native token, over the past 24 hours. The digital asset’s trading volume has also risen by 24.05% to $4.13 billion.

Data from DefiLlama shows that the Solana TVL is currently at $6.54 billion, with a stablecoin market cap of $3.67 billion. The network has 5.34 million daily active users and processed 41.08 million transactions in the past 24 hours.

The Solana TVL is at its highest point since 2022, having previously surpassed $10 billion during the 2021 bull run. SOL holders are increasingly optimistic, with approximately 83% of circulating SOL now staked, including 10 million SOL (worth over $2 billion) staked in the past month.

Factors Contributing to Solana’s Growth

Solana has also benefited from Stripe enabling USDC payments on the blockchain and increased NFT activity. Solana is currently on par with Polygon in NFT activity and leads chain royalties at $405.8K.

However, the bankrupt crypto exchange FTX recently unstaked 178,631 SOL. Despite this, SOL is trading at $173.54, up 5% in the past 24 hours and 14% in the last seven days.

Over the last 30 days, Solana has gained 18.58%, outperforming many leading altcoins. The digital asset has surged 461.52% since October 2023, reaching a market cap of $81.58 billion.

Read also: Solana (SOL) Price Prediction: Cup & Handle Pattern Points to Massive Surge

The Solana Relative Strength Index (RSI) is at 70.76, indicating that the altcoin is currently overbought. This may be a good opportunity to take profits and buy back in if the price drops.