• Solana saw a 14% increase in TVL in the last 30 days.
• The Total Value Locked (TVL) has been on a journey uphill, bucking market trends.
• SOL was trading at around $23 at the time of writing, displaying a modest increase of less than 1%.
Solana’s TVL Surge
Solana has seen an impressive growth in its Total Value Locked (TVL) over the past month, with a 14% increase from $240 million to $324 million. This surge is in stark contrast to losses experienced by other blockchain networks over the same period. Despite this uptrend, SOL token is trading at around $23 at the moment and exhibiting only a slight increase of less than 1%.
User Base Analysis
An analysis of user base on the platform reveals an intriguing pattern as there have been no discernible decline in number of users since May. The chart shows that user count remains remarkably stable apart from some spikes during that month.
Price Movement
On daily timeframe chart, SOL’s price has not managed to forge any substantial trajectory following its 8% ascent on 26 July. As of this writing, it is trading at around $23.2, posting only a modest rise of less than 1%.
Potential Impact On SOL
The gradual upswing in Solana’s TVL could potentially ignite enhancements within the network and for its native token SOL. Whether or not this will translate into increased demand for SOL and consequently higher prices remains to be seen.
Conclusion
Solana’s TVL surge amidst market stability is indicative of potential developments within the network which may eventually drive up demand for SOL token and lead to higher prices in future.
