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Solana’s Growth and Momentum in the Crypto Market
Solana’s Rising Value and Network Expansion
Solana (SOL) has recently experienced a significant uptrend, with a 13% increase in the past week, now trading at $172. This surge is not just a result of the overall positive trend in the cryptocurrency market but also due to Solana’s expanding network.
Heightened Activity on Solana’s Network
The number of daily active addresses on the Solana network has reached record levels, indicating a growing interest as more users engage in trading SOL and utilizing decentralized applications (dApps) on its blockchain.
Increase in Daily Revenue
Solana’s daily revenue has surged to $2 million, the highest in six months, showcasing a rising demand for its services.
Solana’s Thriving DeFi Sector
The decentralized finance (DeFi) sector on Solana has witnessed significant growth, with its Total Value Locked (TVL) standing at $6.48 billion, nearing Tron’s $6.94 billion.
Potential to Become Second-Largest Blockchain by TVL
If Solana continues its growth trajectory, it could soon become the second-largest blockchain by Total Value Locked. Key technical indicators like the Chaikin Money Flow (CMF) and Average Directional Index (ADX) indicate strong bullish momentum.
Potential for Further Gains
If SOL surpasses the $171 resistance level, it may drive further gains, with optimistic sentiment from long traders as funding rates have remained positive for two consecutive weeks.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
