Solana's serene days hide a vibrant TVL surge, bucking market trends. A journey from $240M to $324M unveils potential amidst stability, despite a soft bearish undertone.
TVL witnessed a surge over the recent months. The chart painted a picture depicting the commencement of a significant upward journey around 29 June.
Initially, the TVL meandered within the range of $240 million to $260 million. However, following its upward surge, it ventured into territory exceeding $300 million, reaching a peak of over $324 million on 14 July.As of this writing, the TVL was around $308 million, showcasing a slight rise after its initial dip from the year-to-date zenith. Furthermore, an intriguing pattern emerged as the user base was analyzed.
Except for spikes in May, the user count on the platform remained remarkably stable. The chart illustrated this steady trend, where the number of users exhibited a persistent equilibrium devoid of any discernible decline.On the daily timeframe chart, Solana’s journey, post its 8% ascent on 26 July, hasn’t managed to forge a substantial trajectory. Instead, the chart reflected more of a decline rather than a resurgence.
As of this writing, it was trading at around $23.2, displaying a modest increase of less than 1%. Despite the lackluster price movement,This was a testament to the momentum it garnered from the upward trend observed a few weeks earlier.Examining its Relative Strength Index , the current phase for Solana showcased a bearish trend. However, this bearish sentiment was relatively weak, as the RSI line teetered slightly below the neutral line.
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