Solana TVL Hits $6.4B, Highest Since January 2022, SOL Price Surges

• Solana’s TVL reached a remarkable $6.468 billion on Tuesday.
• The new level marks the highest Solana TVL since January 2022.
• Solana’s TVL trajectory highlights the sustained bullish outlook in SOL’s price.

Solana’s total value locked (TVL) reached an impressive $6.468 billion on Tuesday, October 22nd, its highest point since January 2022, according to DeFiLlama data . This milestone confirms the altcoin’s renewed bullish momentum, with SOL’s price remaining bullish for most of the year.

A visual representation of the TVL shows a steady upward trend since the beginning of 2024, when it started at $1.417 billion. Aside from pullbacks in April, July, and August, Solana’s TVL has been predominantly bullish, rising steadily alongside the price of SOL.

Solana TVL on DeFiLlama

Solana TVL on DeFiLlama

SOL has been one of the best-performing altcoins in 2024, both in price appreciation and overall trend. The altcoin has maintained a bullish outlook for nearly the entire year. Starting its rally in September 2023, SOL surged over 1,000% to reach a yearly high of $209.9 in March 2024.

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Following a Q1 2024 rally, the altcoin market pulled back, with most altcoins losing their earlier gains. However, SOL consolidated sideways instead of losing its gains. The Solana blockchain’s native coin has shown resilience, recovering from every major price dip and maintaining a bullish outlook.

Solana’s Rising TVL Shows Growing Confidence

Solana’s rising TVL and upward trend demonstrate the strength of its bullish outlook. DeFiLlama’s data highlights the continuous influx of funds into the Solana ecosystem, suggesting growing investor confidence in the blockchain project. This is further supported by the increasing number of decentralized applications being built on the scalability-focused blockchain.

Read also: Solana (SOL) Price Prediction: Cup Handle Pattern Points to Massive Surge

Data from TradingView shows that SOL has jumped 24% in the past two weeks, recovering from a pullback that saw the altcoin’s value drop to $135. This recent rebound pushed SOL’s price above several Fibonacci resistance levels, reigniting its bullish trajectory and driving the price above $170.

Analysts predict SOL will continue climbing and potentially retest the yearly high of $209.9. Breaking above this level could allow Solana to target a new all-time high. The altcoin reached an all-time high of $260 in November 2021, a few months after it launched.