Solana (SOL) recently experienced a slight price increase of 1.5%, bringing its value to $154. While this may seem like a small movement, several factors could determine whether SOL breaks out of its current range. Looking at the Solana price prediction, these factors, including market trends and on-chain activity, will play a key role in shaping SOL's future movements.
Key Metrics for Solana
Price Movement: SOL is trading at $154, with an intraday low of $151.84 and a high of $156.54.
Market Cap: Solana’s current market cap stands at $72.69 billion.
Though these numbers highlight recent price activity, they don't provide the full picture of Solana’s performance. To understand the future potential, let’s look at two important metrics: Total Value Locked (TVL) and on-chain activity.
Solana’s Total Value Locked (TVL) Surge
TVL Growth: Solana’s TVL reached a two-year high of 41 million SOL, reflecting a 13% growth month-over-month.
Comparison to Competitors: Ethereum’s TVL has remained flat at 17.7 million ETH, and BNB Chain has similarly seen stagnation at 7.9 million BNB.
Notable Projects: Raydium saw a 70% increase in deposits, while Sanctum experienced a 32% rise in TVL.
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This growth in TVL is a positive signal for Solana’s ecosystem, showing increased demand for its smart contract functionalities.
Solana’s On-Chain Activity: Leading the Way
DEX Volumes: Solana’s decentralized exchanges recorded a 43% weekly growth in volumes, surpassing Ethereum and its layer-2 solutions.
Volume Comparison: Arbitrum saw $3.74 billion in weekly volume, while Solana led with $11.16 billion, highlighting its competitive edge in network activity.
While TVL is a crucial indicator, strong on-chain activity shows that Solana is maintaining high demand for its network, even outperforming some of its main competitors.
What’s Next for SOL Price?
Sideways Trading: SOL’s price is currently in a sideways range, but a breakout could be on the horizon.
Key Resistance: A move above $162 could signal a breakout for SOL, but confirmation is essential to establish a solid upward trend. The data indicates that reaching $180 is plausible, thanks to Solana's competitive advantage stemming from its high validator capacity.
In summary, Solana’s recent performance shows strong growth in both TVL and network activity. Whether this will lead to a significant price movement depends on breaking key resistance levels in the coming days.