{"id":574155,"date":"2024-02-09T10:00:47","date_gmt":"2024-02-09T10:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=574155"},"modified":"2024-02-09T11:28:28","modified_gmt":"2024-02-09T11:28:28","slug":"solana-tvl-nears-2-billion-will-sol-cruise-to-120-before-valentines","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana-tvl-nears-2-billion-will-sol-cruise-to-120-before-valentines\/","title":{"rendered":"Solana TVL Nears $2 Billion – Will SOL Cruise To $120 Before Valentine’s?"},"content":{"rendered":"
Solana, the high-speed blockchain platform, is back in the green after a rollercoaster week. Its native token, SOL, triumphantly hit the $105 mark today,<\/a> defying naysayers and sparking renewed optimism. But is this just a fleeting bounce, or the start of a sustained climb towards $120 before Valentine’s Day?<\/p>\n The key driver behind this recent surge seems to be the red-hot DeFi scene on Solana. Total Value Locked (TVL), a metric indicating the combined value of crypto assets deposited in DeFi protocols, has shot up by an impressive $500 million in just 16 days, pushing the network’s TVL at $1.95 billion.<\/p>\n This influx of capital, primarily directed towards projects like Jito, Kamino, and Blazestake, has fueled demand for SOL, pushing its price upwards.<\/p>\n <\/p>\n However, Solana’s journey hasn’t been entirely smooth sailing. A five-hour network outage on February 6th cast a shadow of doubt on its scalability and reliability. While investors largely held their ground, the incident served as a stark reminder of the challenges facing ambitious blockchain projects.<\/p>\n Looking at the charts, things appear promising for SOL. The 33.6% price rally over the past two weeks aligns with the rising TVL, suggesting a strong correlation between DeFi activity and token value.<\/p>\n Technical indicators like the upper Bollinger Band point towards a potential resistance zone around $105, the previous local high. If bulls can overcome this hurdle, a push towards $120 could be on the horizon.<\/p>\n While some analysts are bullish, predicting a retest of $120, others urge caution. The crypto market remains inherently volatile, and unforeseen events can quickly alter the course.<\/p>\n Additionally, regulatory developments and broader market trends need to be carefully considered before making any investment decisions.<\/p>\nSource: Coingecko<\/pre>\n
Defi Frenzy Heats Up, Injecting Millions Into Solana<\/strong><\/h2>\n
Solana (SOL) TVL | Source: DeFiLLama\u00a0<\/a><\/pre>\n
Not Without Hiccups: Outage Raises Scalability Concerns<\/strong><\/h2>\n
Solana currently trading at $105.3000 on the daily chart: TradingView.com<\/a><\/pre>\n
Technicals Paint A Bullish Picture, But Resistance Looms<\/strong><\/h3>\n
SOL seven-day price action. Source: Coingecko<\/a><\/pre>\n