Market Analysis, News

Solana Over $200 Again – Price Rises By 40% In Seven Days.

The price of Solana (SOL) is rising, and Solana’s TVL has reached a new high of about $14 billion. The price of Solana’s native SOL currency increased somewhat on Oct. 25 as a result of a marketwide rise led by Bitcoin (BTC), with the total value locked (TVL) on Solana reaching new highs and SOL’s price displaying a favorable technical setup.

SOL increased by more than 14% to a high of over $216 intraday. SOL’s price has risen by around 35% in the last week, bringing it closer to its all-time high of over $222 USD established in early September.

Solana Over $200 Again  - Price Rises By 40% In Seven Days.

Solana Price Chart – Source: CoinmarketCap

This aided SOL’s rise since competitor cryptocurrencies Ethereum (ETH) and Cardano’s (ADA) both increased by over 10% and 3% in the last week, respectively.

Solana TVL reaches a new height

According to data aggregator website DeFi Llama, the TVL of all decentralized finance (DeFi) projects based on the Solana blockchain achieved a new record high of $13.53 billion, indicating the SOL price rise.

Saber, an automated market maker (AMM) protocol that enables Solana users and apps to trade between stable pairs of assets effectively and earn returns by providing liquidity to the network, is the most prevalent DeFi project on the Solana blockchain.

As of publishing, it has contributed $2.05 billion to the Solana liquidity pool.

Meanwhile, four more DeFi projects with a TVL of more than $1 billion are in the works. Raydium ($1.91 billion), Sunny ($1.73 billion), Serum ($1.69 billion), and Marinade Finance ($1.63 billion) are among these companies.

After the end of its “Ignition” hackathon on Oct. 18, Solana announced that it will add more DeFi projects to its list. Users will need to own SOL tokens in order to utilize these apps and pay transaction fees, implying that the token will see increased demand in the future.

SOL Bull Run Is On

SOL’s most recent price increase was part of a breakout from what seems to be a bullish pennant. The technical prognosis, as previously highlighted by CoinMarketCap, might drive SOL to levels around $85, which corresponds to the maximum distance between the pennant’s upper and lower trendlines.

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