Did Solana’s $4.86B TVL milestone impact SOL’s price? – AMBCrypto News

  • Solana has dwarfed other chains in terms of transaction volume.
  • TVL is approaching an all-time high.

Solana [SOL] It has an overwhelming performance in terms of trading volume, compared to other prominent blockchains such as Binance Chain and Tron. [TRX]More transactions have been recorded in the past 30 days.

This indicates a significant increase in network activity and utilization, with SUI being the only other network that showed a slightly more significant trend.

Solana’s trading volume is on the rise

AMBCrypto’s investigation into Solana trading volume Defilama It has become clear that the past few months have seen a significant increase in trading volumes. Compared to previous years, the network has experienced a substantial increase in trading volumes.

This indicates an increase in activity this year.

Trading volume surged to over $3 billion in March, then tapered off to hover around the $1 billion mark, and as of this writing, trading volume stands at nearly $1.5 billion.

The notable increase in trading volume may not be surprising given the recent proliferation of meme coins issued on the network.

What is the impact on Solana TVL?

Similar to trading volume, Total Value Locked (TVL) on the Solana network has also experienced significant growth this year.

DefiLlama’s chart analysis reveals that TVL surged to more than $4.9 billion as of May 22, hitting an all-time high.

Since reaching this peak, it has declined slightly but remains close to this record level. As of this writing, TVL is approximately $4.86 billion, just a few million dollars below its all-time high.

Solana Trading Volume and TVL

Source: DefiLlama

The increase in TVL is fueled by the launch of new assets on the Solana network. Additionally, the upward trend of SOL over the past few months has also contributed to this increase in TVL.

SOL Trends

Analysis of Solana’s price movement by AMBCrypto shows that it has been in a downward trend in recent days, with a 4.15% increase on May 27th, pushing the price up to around $170.

Solana [SOL] Price Forecast 2024-25

However, despite this rally, SOL is struggling to recover from its previous decline, with analysis highlighting the $180 zone as a resistance level.

Solana price trends

Source: TradingView

At the time of writing, SOL is trading around $168, showing a slight upside from the previous trading session.