The TVL of Solana reached 13 billion dollars—Will SOL set a new ATH?

The Solana network is experiencing a surge in demand from users and capital inflows, pushing the total value locked (TVL) in the decentralized finance (DeFi) space to an all-time high (ATH), surpassing the figure of 13 billion USD.

As buying activity increased, the price of SOL also rose nearly 25% in the past week. The question now is whether this growth wave is strong enough to bring SOL back to its record price levels.

Solana's DeFi TVL surges thanks to increased user activity

According to a report from DefiLlama, the DeFi TVL of Solana has reached an all-time high of 13.38 billion USD, up 18% in the past week.

Solana's TVL | Source: DefiLlamaThis increase clearly reflects the strong capital inflow into Solana's DeFi protocols, a trend that can only be sustained with an increase in user demand and on-chain activity.

Many users, many transactions: The driving force of the Solana network is strengthened

Data from Artemis has confirmed this positive trend, showing that Solana has recorded a significant increase in the number of daily active addresses and transactions. Specifically, in the past week, the number of daily active addresses participating in at least one SOL transaction has increased by 37%.

The increase in the number of users has led to higher trading activity, with the daily transaction volume on the network increasing by 17% during the same period.

Solana Network Activity | Source: ArtemisAs user demand rises like this, it not only reflects stronger confidence in the ecosystem but also indicates deeper utility for its native asset.

Can Solana surpass the $270 mark to regain its ATH?

SOL has recorded an increase of 22% in the past week and is currently trading at 246.91 USD. The indicators from Chaikin Money Flow (CMF), which are currently on an upward trend, indicate strong demand supporting this price increase. At the time of reporting, this momentum indicator is at 0.23.

The CMF indicator measures the way money flows in and out of an asset. A positive CMF indicates that buying pressure is stronger than selling pressure, reinforcing the bullish outlook. The CMF of SOL at 0.22 shows that capital flows are still providing solid support for this bullish trend. If the momentum continues to be maintained, this coin has the potential to expand profits to 270.18 USD, and a successful breakout above this level will bring it back to its all-time high of 295.83 USD.

SOL price analysis | Source: TradingViewHowever, if demand decreases and capital flow slows down, SOL may face the risk of depreciation, with the possibility of dropping to 219.21 USD.

Mr. Giáo0