Did Solana’s $4.86B TVL milestone impact SOL’s price?

• Solana dominated different chains successful volume.
• TVL was adjacent to its all-time high.

Solana [SOL] has demonstrated a ascendant show successful transaction volume. Compared to different notable blockchains, specified arsenic Binance Chain and Tron [TRX], it has recorded much transactions implicit the past 30 days.

This indicated a important summation successful enactment and usage of the network, with the lone different web showing a somewhat important inclination being SUI.

Solana measurement shows growth 

AMBCrypto’s introspection of Solana’s measurement connected DefiLlama revealed a important pickup successful measurement implicit the past fewer months. Compared to erstwhile years, the web has experienced sizeable volume.

This is indicative of accrued enactment this year. 

In March, the measurement surged to implicit $3 cardinal earlier gradually declining but maintaining levels astir the $1 cardinal mark. As of this writing, the measurement was astir $1.5 billion.

The notable summation successful transaction measurement whitethorn not beryllium astonishing fixed the caller proliferation of meme coins launched connected the network.

Impact connected the Solana TVL?

Similar to transaction volume, the Total Value Locked (TVL) connected the Solana web has besides experienced important maturation this year.

Analysis of the illustration connected DefiLlama revealed that arsenic of the 22nd of May, the TVL surged to implicit $4.9 billion, marking its highest constituent successful history. 

Although it has somewhat declined since reaching this peak, it remained adjacent to this grounds level. As of this writing, the TVL was astir $4.86 billion, conscionable a fewer cardinal dollars beneath its all-time high.

The maturation successful TVL has been supported by the motorboat of caller assets connected the Solana network. Additionally, the upward inclination observed successful SOL implicit the past fewer months has besides contributed to this summation successful TVL.

How SOL is trending

AMBCrypto’s investigation of Solana’s terms inclination showed that it had experienced downtrends successful caller days. On the 27th of May, it recorded a summation of 4.15%, pushing its terms to astir $170.

Read Solana’s [SOL] Price Prediction 2024-25

However, contempt this gain, SOL has struggled to retrieve from erstwhile declines. The investigation besides highlighted the $180 portion arsenic a absorption level.

As of this writing, SOL was trading astatine astir $168, showing a negligible summation from the erstwhile trading session.