- Solana’s TVL has grown by over 70% in the past month.
- The network experienced the highest daily volume trends in its history.
Solana [SOL] has experienced remarkable growth in TVL (Total Value Locked) in recent weeks compared to other chains. However, what has been the overall impact on Solana’s TVL trend?
Solana records the highest TVL growth trend
A survey by the collective Total Value Locked (TVL) across all chains showed that Solana held the seventh highest TVL position. However, a cursory glance at the rankings cannot tell the full story.
Upon further analysis, it became clear that the Solana network showed the most substantial change among the leading chains over the past month.
At the time of writing, TVL was up more than 74% in the past month. Additionally, TVL saw a remarkable increase of over 12% over the past seven days, surpassing all other networks in the top 10.
How the Solana TVL and other key metrics have evolved
According to DefiLlamaAs of October 1, Solana’s Total Value Locked (TVL) was approximately $326 million. Subsequent analysis by AMBCrypto revealed a notable increase in TVL before the end of October.
At the time of writing, TVL has risen to over $691 million, more than doubling October’s figures. While not yet reaching historic highs, this represents the highest TVL in more than a year.
Additionally, the chart showed a recent spike in network volume. The analysis of volume trends showed that current levels were the highest observed up to the time of writing.
WAlthough the all-time highest daily volume was $568.1 million on November 9, 2022, this was a short-term trend. At the time of writing, volume was over $223 million, and has remained consistently above $100 million for almost a month.
Source: DefiLlama
In addition, Solana’s network saw an increase in the number of daily addresses, which at the time of writing stood at 158,000 daily addresses. These statistics collectively suggest increased activity on the network.
SOL remains above support levels
After the close of trading on December 2, Solana’s value had risen more than 6% and was trading around $63.7. However, at the time of writing, the stock was trading around $63.1, reflecting a slight decline of around 0.7%.
Chart analysis showed a consistent support level around $51, evidenced by examples of a recovery in price from this region.
Source: TradingView
How many Worth 1,10,100 SOL today?
The overall price trend remained strong, as evidenced by the positioning of the short and long moving averages (yellow and blue lines).
In terms of impact on SOL, the increased TVL, volume and daily addresses could contribute to positive sentiment. Higher network activity is often accompanied by greater demand for the native token, potentially positively impacting its value.