Solana has surpassed Ethereum and BNB Chain in decentralized exchange (DEX) volume, representing over 37% of total DEX traffic. This surge in value is attributed to growing confidence in the Solana network, as its total value locked (TVL) has surpassed levels seen before the 2022 bearish market.
Factors contributing to this increase include the rise in trading of meme coins on Solana’s decentralized applications, the efficacy of apps built on the Solana network, and the practice of staking.
Solana’s Total Value Locked (TVL) has been consistently rising since July 3rd, reaching $5.29 billion, surpassing levels seen before the market downturn of 2022. This increase signifies that market participants view the Solana network as reliable. If the value of locked assets continues to rise, it might positively impact the price of Solana.
Between July 18 and 21, SOL witnessed a significant price increase, characterized by four straight upward candlesticks and reaching a top of $185.21. The upward movement of SOL has led to the construction of a double-rounding bottom pattern on the daily chart, which usually indicates the end of a downward trend.
If the ongoing upward trajectory continues, the value of SOL might potentially surge by 13.05%, surpassing the psychological barrier of $200 and reaching a peak of $204.33. In extremely bullish market conditions, there is a potential for the price to reach $210.11, which was last recorded in March.
The Moving Average Convergence Divergence (MACD) indicates a favorable condition, indicating a bullish trend for SOL. However, if enthusiasm surrounding SOL diminishes, the token may not achieve the anticipated pricing, potentially causing the worth of SOL to decrease to a value below $173.
In conclusion, Solana’s recent achievements in DEX volume and total value locked increase highlight the increasing importance and reliability of the network.
