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Solana’s Network Growth and DeFi Surge Signal Potential for Further Gains
October 24, 2024 15:30 1 min. readWe may earn commissions from affiliate links or include sponsored content, clearly labeled as such. These partnerships do not influence our editorial independence or the accuracy of our reporting. By continuing to use the site you agree to our terms and conditions and privacy policy.
Solana (SOL) has enjoyed strong momentum recently, rising 13% in the past week, now trading at $172.
This growth isn’t just due to the overall bullish trend in the crypto market but also driven by Solana’s expanding network.
The number of daily active addresses on the network has hit all-time highs, showing increased interest as more users trade SOL and interact with decentralized applications (dApps) built on its blockchain.
Additionally, Solana’s daily revenue has climbed to $2 million, the highest in six months, reflecting growing demand for its services.
The decentralized finance (DeFi) sector on Solana has also seen significant growth, with its Total Value Locked (TVL) reaching $6.48 billion, close to overtaking Tron’s $6.94 billion.
This could soon make Solana the second-largest blockchain by TVL if its growth continues. Key technical indicators, such as the Chaikin Money Flow (CMF) and Average Directional Index (ADX), show strong bullish momentum.
If SOL breaks through the $171 resistance level, it could push for further gains, with long traders showing confidence as funding rates have remained positive for two weeks.
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