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Solana’s TVL reached an impressive $6.468 billion Tuesday.
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This new level is the highest Solana television level since January 2022.
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Solana’s TVL trajectory highlights SOL’s sustained bullish outlook.
According to DeFiLlama, Solana’s TVL (total value locked) reached a staggering $6.468 billion Tuesday, October 22nd. This is its highest level since January 2022. This milestone confirms SOL’s renewed bullishness, as the price of SOL has been rising for most the year.
The TVL has been on a steady upward trajectory since its inception at $1.417billion, which was the beginning of 2024. Solana’s TVL, with the exception of pullbacks in August, July and April, has risen steadily along with SOL.
Solana TVL on DeFiLlama
SOL was one of the top altcoins to perform in 2024. This is true both in terms of price appreciation and trend. Altcoins have maintained a bullish outlook almost the entire year. SOL’s rally began in September 2023 and grew over 1,000%, reaching a high of $209.9 per year in March 2024.
Read Also: Bitcoin & Solana: Market Prediction Hints At Further Upside
After a Q1 rally in 2024, the altcoins market retreated, and most altcoins lost their gains. SOL, however, has consolidated sideways rather than losing its gains. The native coin of the Solana blockchain has shown remarkable resilience, recovering from each major price drop and maintaining a bullish view.
Solana’s rising TVL shows growing confidence
Solana’s increasing TVL and upward trend show the strength of its bullish view. DeFiLlama data shows that funds are continuously flowing into the Solana eco-system, indicating growing investor confidence. This is further supported because of the growing number of decentralized apps being built on a blockchain that focuses on scalability.
Read Also: Solana Price Prediction: Cup & Handle pattern Points to Massive Surge
TradingView data shows that SOL’s price has risen by 24% over the past two week, after a drop in value that saw it fall to $135. This recent rebound has pushed SOL’s price above several Fibonacci levels, reinitiating its bullish trajectory. The price is now above $170.
Analysts predict SOL to continue rising and possibly retest the annual high of $209.9. Solana could reach a new record high if it breaks above this level. The altcoin hit its all-time high in November 2021, just a few months after its launch.
