Solana price is up today as a combination of technical and onchain factors paint a bullish outlook for SOL.
Solana $SOL tickers down $165.57
price is up today, buoyed by a modest recovery in the broader cryptocurrency market. SOLâs rebound follows Bitcoinâs
BTCtickers down$68,098 recovery to 2021 record highs as a number of technical and onchain indicators hint at more gains ahead.
Data from Cointelegraph Markets Pro and TradingView revealed that SOLâs price was $169, up more than 6% in the last 24 hours and 41% from its local low of around $120, established on Sept. 6.
SOL/USD has performed well over the last few days, rising more than 14% over the last week and up 66% year-to-date. Its market capitalization is $79.5 billion, making it the fifth-largest crypto by market value.
Letâs look at the factors driving Solana price up today.
Solana TVL reaches 30-month high
Data from DefiLlama shows Solanaâs total value locked (TVL) increased to $6.4 billion on Oct. 21. The last time the TVL on Solana reached $2 billion was in January 2022.
The chart below shows that Solanaâs TVL has increased by 348% year-to-date from $1.4 million on Jan. 1, 2024.
In the shorter timeframe, Solanaâs TVL has increased by over 24.7% over the last 30 days, beating other top layer-1 protocols such as Ethereum
ETH Tickers down $2,692.11 and BNB Chain BNB tickers down $604.64 which have seen 4% and 2% increases, respectively.
The rising TVL reflects tradersâ interest in Solanaâs DeFi ecosystem and shows Solana continuing to attract new users because of its lower traction costs, particularly those seeking to launch new projects.
Data from Solscan shows that Solanaâs fees remain consistently low, at an average of 0.000091 SOL (~$0.015). This is considerably lower than transaction fees on Ethereum, which currently stand at an average of $0.5286.
