Solana has seen robust ecosystem growth so far in 2024, mostly driven by memecoin and DeFi activity. This growth is reflected in the...
has seen robust ecosystem growth so far in 2024, mostly driven by memecoin and DeFi activity. This growth is reflected in the network’s stablecoin marketcap and TVL growth, which have also been quite strong. Can these observations offer insights into what to expect from SOL’s price action?
According to DeFiLlama, Solana’s TVL and stablecoin marketcap metrics have appreciated rapidly so far this year. For some perspective, the TVL was lowest at $1.396 billion towards the start of 2024, while the stablecoin marketcap had a YTD low of $1.83 billion.In our latest assessment, we found that Solana’s stablecoins marketcap was at $3.22 billion while its TVL was at $5.29 billion. This also means that both metrics are now halfway towards their historic highs. That’s not all though.
Solana’s stablecoin marketcap’s latest rally pushed it towards a high just before mid-July, peaking at $$.4 billion on 12 July. Meanwhile, the TVL continued to go up despite a broader decline. This was a sign that liquidity may have been flowing from stablecoins to the DeFi ecosystem.TVL growth amidst a decline in stablecoin marketcap suggests that holders are more confident in moving their funds into Solana’S DeFi ecosystem.
Is SOL heading for another robust breakout then? SOL slid into overbought territory briefly a few days ago but, our analysis suggests that the bulls might maintain dominance. It is just coming from a correction phase and despite that, it managed to recover close to its current YTD high.The second key observation was that it recently broke above a descending resistance level. A sign of bullish confidence that could be the start of yet another extension to the upside.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Solana’s MEW could be your top memecoin pick this weekMEW has become the top Solana-based meme coin of this week, surging more than 75% and leaving WIF, BONK, and BOME behind.
Read more »
Solana’s surge to $176 could trigger $3B in liquidations: Here’s whyLike several other cryptos, Solana [SOL] bulls have also managed to maintain their control over the market for quite a few days now.
Read more »
Africa leads in Solana adoption as transactions hit $117b: Here’s whySolana adoption is surging in Africa pushing increased crypto adoption. Crypto use in Africa hit $117b and will hit $450M 2024 alone.
Read more »
Solana memecoin BODEN feels the heat after Biden’s exit: Will SOL suffer?Why bulls might be about to take a break, is Solana the next ETF target, and Solana memecoin affected by President Biden's exit
Read more »
Solana hits $145, but signs point to a price correctionSolana [SOL] investors were rejoicing after multiple days of bearish price movement as the token’s weekly and daily charts turned green.
Read more »
Solana price soars on VanEck spot ETF filingThe price of Solana (SOL-USD) is jumping after VanEck filed for a Solana EFT in the US called the VanEck Solana Trust. Yahoo Finance Reporter Jared Blikre...
Read more »