Solana Records New TVL Peak Amid Bullish Resurgence

Updated:

Solana (SOL) has recorded a new all-time high in total locked value (TVL) on its DeFi protocols. This record move comes amid a dramatic bullish wave across the cryptocurrency industry.

According to a new report from DeFi Llama, the TVL on Solana’s DeFi protocol peaked at $12.7 billion earlier yesterday. This figure has since dropped to $12.3 billion at press time.

This new record is a significant milestone for the network, considering that before August, Solana‘s DeFi protocol did not exceed $1.5 billion in TVL.

One of the primary catalysts of the recent TVL boom is the growing interest in Marinade Finance, a liquid staking protocol on Solana. This particular protocol has recorded a 69% increase in TVL within the past week and currently occupies the number four currently in terms of projects with the highest liquidity, behind Sunny, Radium, and Saber.

Meanwhile, SOL has recorded a dramatic rally over the past few days following the recent Bitcoin spike. Over the past seven days, SOL has grown by over 28% and now trades above the $200 mark.

The total market valuation recently topped the $2.5 trillion mark as altcoins begin their ascent amid a correction in BTC.

Key Solana Levels to Watch — October 22

As mentioned earlier, SOL has regained a solid bullish momentum as it snaps the $200 resistance, coming a little over 4% from its all-time high at $216.

SOLUSD – 4-Hour Chart

However, the cryptocurrency posted a minor correction near the $200 support over the past few hours but remains in close contact with our bullish arc. That said, we expect a retest and break above the $216 line in the coming hours.

Meanwhile, our resistance levels are $209, $216, and $220, and our key support levels are $150, $146, and $140.

Total Market Capitalization: $2.60 trillion

Solana Market Capitalization: $62.1 billion

Solana Dominance: 2.38%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.