Solana daily active addresses have spiked to record highs on rising DeFi activity. Rising network growth could fuel SOL's rally to $200.
Solana DeFi TVL has also reached a 34-month high of $6.48 billion.has gained by 7% in the last seven days and 16% in the last two weeks to trade at $165 at press time.
This shows positive sentiment towards Solana as users trade SOL or interact with the decentralized applications created on the blockchain. Solana DeFi revenues have also increased to the highest level since March, further showing rising usage.The growth of a blockchain network is often viewed as bullish and could fuel a price rally. Furthermore, several technical indicators show that despite the recent pullback, SOL’s uptrend is gaining strength.At its current price, SOL is 36% shy of its all-time highs, and several bullish signs are aligning that could see SOL break $200 and aim for a new record high.
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