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Solana (SOL), after a period of calm, is experiencing a rise in Total Locked Value (TVL) according to recent data. Can this gradual increase in TVL fuel a price increase for SOL?
Increase in SOL TVL!
In a recent post by Messari, the growth of TVL in leading Blockchain networks was analyzed. Among these networks, Solana stood out with a significant increase in TVL. This increase was the opposite of the losses experienced by other chains last month. Solana’s TVL displayed an impressive growth of over 14% as shown in the graph. Apart from Solana, only Optimism had a positive TVL among all the chains examined.
Data from DefiLlama shows that Solana’s TVL has been on the rise in recent months. Initially, TVL ranged between $240 million and $260 million. However, after the increase, it entered a region surpassing $300 million and reached a peak on July 14th, surpassing $324 million. At the time of writing, TVL is approximately $308 million and has shown a slight increase after its first decline from the peak since the beginning of the year.
Solana Price Prediction!
Apart from sudden increases in May, the number of users on the platform remained stable. This steady trend, without any noticeable decrease in the number of users, may indicate a permanent balance. Solana’s journey, which announced an 8% increase on July 26th, failed to establish a significant trajectory. At the time of writing, it was trading at around $23.2, showing a modest increase of less than 1%. Despite the low volatility in price movement, SOL maintained its position above the short moving average.
This could be evidence of the momentum gained from the upward trend observed a few weeks ago. When the Relative Strength Index (RSI) is examined, Solana’s current stage shows a downward trend. However, since the RSI line is slightly below the neutral line, this downward trend may be relatively weak.
