- Solana’s Total Value Locked (TVL) hits $5.657B, showcasing strong user trust and engagement in DeFi protocols.
- SOL price recovers to $191.63 with bullish momentum, positioning Solana as a major Ethereum competitor.
- Active addresses reach 1.17M, highlighting significant user activity and network adoption in the last 24 hours.
Solana’s blockchain ecosystem is showing growth across various metrics. Total Value Locked (TVL) stands at $5.657 billion, indicating substantial user engagement and trust in the platform’s decentralized finance (DeFi) protocols. This high TVL reflects the active participation and confidence of users.
Strong Performance in DeFi and Stablecoins
The stablecoins market cap on Solana is $3.208 billion. This suggests a growing ecosystem for stable-value transactions and DeFi applications. Over the past 24 hours, transaction fees amounted to $2.13 million, contributing to network security and validator incentives.
Revenue generated by the network in the last 24 hours is $1.07 million. This revenue likely comes from various ecosystem activities and services. Trading volume on Solana-based platforms reached $1.993 billion over the past day, indicating high liquidity and active trading.
Investor Confidence and User Activity
New capital inflows into the Solana ecosystem in the last 24 hours totaled $27.82 million. This suggests continued investor interest. Moreover, the number of unique addresses interacting with the network in the past day was 1.17 million, highlighting user activity and adoption.
The cumulative amount of funding raised by the Solana project is $315.76 million. This demonstrates substantial backing from investors.The fully diluted valuation (FDV) is $111.33 billion, indicating potential for future growth as more tokens enter circulation.
Price Action and Market Dynamics
SOL shows an overall uptrend, with the current price at $189.22. There was a price surge from February to March, followed by a correction. The price has been in a recovery phase since May, with a recent strong upward movement.
Source: CryptoRank
Trading volume seems lower compared to high-volume periods during major price movements in March and April. The Relative Strength Index (RSI) is at 66.85, approaching but not yet in overbought territory. The Moving Average Convergence Divergence (MACD) indicates bullish momentum, with the MACD line above the signal line.
Solana’s recent rise has boosted the platform’s DeFi apps and meme tokens. Moreover, Solana has displaced Binance Coin (BNB) as the prime competitor to Ethereum. High fees on the Solana network come from highly competitive transactions with a high failure rate. However, the overall trend for Solana remains positive.
