In addition to the 15% price increase, Solana’s total value locked (TVL) reached an impressive milestone on October 2, amounting to $338.82 million.
In a surprising turn of events, Solana (Fifth note of musical scale), one of the most popular cryptocurrencies on the market, has experienced a remarkable resurgence, seeing its price increase by 15% in the last 48 hours. Currently, SOL is trading at $24.19, which represents a substantial increase of 65% from its lowest price in 2023.
This impressive price rally has pushed SOL past an important technical indicator called the 200 exponential moving average (EMA), which is a level closely monitored by traders and analysts.
SOL sees best week since July
Solana (SOL) saw its strongest week of performance since mid-July. The crypto asset traded at $19 on Friday, marking a slight increase from the $18 it traded at on September 13. according to data CoinGeckoThe value of the token has increased by an impressive 29% and has increased by a staggering 39.08% from last month’s lowest point.
The surge is even more notable as the crypto asset was under significant short selling pressure, indicating the possibility of a short squeeze scenario.
The broader crypto market has been buzzing with activity recently, primarily driven by Bitcoin (B T c) recently climbed to $28,000. The bullish sentiment is spreading to alternative digital assets like Solana. Notably, Solana’s trading volume has steadily increased, reflecting strong buying interest and indicating the potential for further upside in the near term.
A 15% price increase in Solana could indicate early additional profits, especially if the asset can maintain its position above the 200 EMA. Market participants including traders and investors are keeping an eye on the upcoming resistance levels to gauge whether SOL can sustain its bullish momentum or not.
It is important to highlight that overall market conditions currently favor continued growth in the altcoin sector. Bitcoin’s impressive performance often acts as a catalyst for altcoins. With the leading digital asset, BTC, showing no signs of slowing down, virtual assets like SOL are well-positioned for gains.
Solana (SOL) Total Value Locked (TVL) reaches record high 2023
In addition to the 15% price increase, Solana’s total value locked (TVL) reached an impressive milestone on October 2, amounting to $338.82 million. according to dephillama dataThis new figure is its highest point since the beginning of the year.
In the last 24 hours, SOL’s TVL saw a substantial increase of about 4.15%, increasing from $324.64 million on Sunday to $338.82 million on Monday. This surge can be attributed to the strong performance of popular Solana-based projects including Drift, Marginfy, and Solend.
Despite these notable achievements, it is important to note that these figures are still a far cry from the peak levels reached during the bull market. Solana’s TVL reached an all-time high of just over $10 billion in November 2021, but dropped drastically to $210 million in January 2023.
Chimamanda is a crypto enthusiast and experienced writer who focuses on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed her interest in emerging economies. She combines her passion for blockchain technology with her love for travel and food, bringing a new and engaging perspective to her work.
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