- Solana’s TVL has grown from below $300 million in October last year to around $2.53 billion on the first day of March, thus indicating the notable growth of its web3 ecosystem.
- Solana (SOL) price needs to consistently close above the resistance/support level of around $124 in the coming weeks to ensure a bullish continuation towards ATH.
The Solana (SOL) network has continued to demonstrate its market resilience and determination to dominate the web3 industry through scalable, secure, and affordable smart contracts. The layer-one blockchain has continued to attract web3 developers amid the ongoing mainstream adoption of digital assets. Consequently, SOL price has registered palpable gains in the past few months, fueled by the network growth.
Solana Network Grows Exponentially
The Solana network has grown to a respectable web3 ecosystem with more than $2.53 billion in Total Value Locked (TVL) from below $300 million in October last year. The growth in Solana’s TVL has increased in tandem with the Stablecoins supply, which has risen from around $1.4 billion in December last year to about $2.27 billion on the first day of March.
The notable Solana growth is directly attributed to the heightened demand from institutional investors and the developments during the bear market period. According to market data provided by CoinShares, the Solana-based investment products have registered a consistent cash inflow year-to-date.
Notably, the Solana network is the only top-tier layer one with a web3-oriented smartphone in the market dubbed Saga Mobile. The notable adoption of the Saga mobile has helped in the mainstream usage of SOL. In a bid to ensure a sustainable future growth rate, the Solana network is preparing to conduct the Colosseum-backed Solana Renaissance Hackathon, an online global hackathon running from March 4-8.
Moreover, the Solana network has grown into a mature ecosystem competing with Ethereum (ETH), Tron (TRX), and BSC. Among the latest Solana-based products include the $YBX, a decentralized stablecoin that is backed by mSOL, bSOL, LST, and jitoSOL. Notably, YBX stablecoin is minted on Marginfi protocol, a leading web3 platform on the Solana network with more than $600 million in TVL.
As Crypto News Flash reported, the Solana ecosystem has experienced major growth in its meme coin sector led by BONK (BONK), and dogwifhat (WIF), among others.
SOL Price Aims for ATH
As Crypto News Flash had earlier detailed, SOL’s price is well positioned to rally beyond its all-time high (ATH) of around $250 in the coming months. The large-cap altcoin is less than 50 percent away from its ATH amid the ongoing crypto bullish breakout. Having registered notable gains in the past year, analysts believe SOL price could easily rally towards $200 in the coming weeks.
Furthermore, the weekly Relative Strength Index (RSI) has managed to remain above the 70 level since the November breakout. Additionally, SOL price has been forming higher highs and higher lows, a well-known characteristic of a rising trend. Meanwhile, SOL price has gained about 29 percent in the past seven days to trade around $130 on Friday, March 1, 2024.
