- Solana’s captured value increased last week.
- SOL rose 4% last week and derivatives metrics were bullish.
The Solana [SOL] ecosystem continued to experience a positive week in TVL growth. The rise in TVL clearly meant that blockchain performance on the DeFi front improved last week. The token’s price action also remained in favor of the bulls.
Solana’s TVL is on the rise
Solana Daily, a popular X (formerly known as X), posted a tweet highlighting the blockchain’s performance in the DeFi space over the past week.
According to the tweet, Solana’s TVL was $442 million with a change of over 2.5% over 24 hours.
SOLANA TVL STATUS
The Solana ecosystem had another positive week in TVL growth. In this week, @jito_sol showed a 17% growth in TVL, contributing $38 million to the ecosystem.#solana #defi pic.twitter.com/Delut29aKz
— Solana Daily (@solana_daily) November 8, 2023
The increase of SOL‘s TVL is generally seen as a positive development, because a high TVL means that a network is more reliable.
Apart from this, the tweet also mentioned the projects that contribute the most.
Marinade Finance, Jito and Solend were the top three projects in terms of TVL profits last week. Lido and Marginfi also reached the top five on the same list.
Upon checking, AMBCrypto found that the blockchain’s recorded value also shot up last week.
This was evident from Artemis’ factswhich showed that Solana’s fees and revenues have been on an upward trend in recent days, which looked promising.
Furthermore, daily transactions also followed a similar upward trend. However, it was surprising to see that while the number of transactions increased, SOL’s daily active addresses decreased last week.
Source: Artemis
The price of Solana is also increasing
Like the network activity and the DeFi space, the price action of the blockchain’s native token also supported the bulls last week.
According to CoinMarketCapSOL is up more than 4% in the past seven days. At the time of writing, it was trading at $44.11 with a market cap of over $18.5 billion.
While the token’s price rose, trading volume fell over the past 24 hours, reflecting less investor interest in trading the token.
Just like trading volume, SOL‘s social volume also dropped last week.
Moreover, Solana’s weighted sentiment also plummeted, meaning that bearish sentiment was dominant in the market.
Source: Santiment
Read Solanas [SOL] Price prediction 2023-24
Still, investors may not need to worry as some numbers looked bullish. AMBCrypto checked SOL’s derivatives statistics and found that the possibility of a continued price increase was high.
This seemed to be the case because as the price of SOL rose, so did the open interest. Moreover, according to Mint glassSOL’s funding rate also remained green, meaning SOL was in high demand in the derivatives market.
Source: Coinglass