Analysis

Solana Adds $4 Billion To Its Market Cap, TVL Soars To $600 Million

Adekunle Joshua

Key Insights

  • Solana has been one of the best-performing cryptos in the market, outperforming others in terms of price, market cap, and TVL.
  • SOL has added $4 billion to its market cap in under 48 hours, reaching a market cap of $26.4 billion.
  • Solana's price has gained as much as 10% over the last day, and no real barriers or resistances are holding the cryptocurrency down.
  • SOL has the potential to reach $70 again, for the first time since 2022.
  • Solana's DeFi TVL has nearly doubled from $312 million in mid-October to $579 million at the time of writing.

SOL has been one of the best-performing cryptos in the market and is even beating some other big players including Bitcoin and Ethereum in terms of price, market cap and even TVL.

SOL has even come for others like Ethereum, Tron and Cardano in terms of DeFi TVL, and seems to have added a whopping $4 billion to its own market cap in under 48 hours.

Let's figure out what exactly is going on with this bullish mammoth.

SOL Breaks Above $60, Eyes $70 and Beyond

SOL has been mostly bullish since mid-September.

It may be hard to believe, but the cryptocurrency started its journey at around $18, and has been rising steadily ever since, as shown below:

SOL price rally | Source: TradingView

So far, Solana has risen by more than 200% over the last 40 days, and that isn't even the crazy part.

SOL has now made its way up the market cap rankings in the last 24 hours alone.

The cryptocurrency is now beating Cardano, Dogecoin and even USDC in terms of market cap, and is now ranked the 6th largest cryptocurrency by market cap.

Solana did this by adding a whopping 4 Billion to its market cap over the last day, as shown below:

Solana market cap rally

At the start of the trading day, SOL's market cap was around $23 billion. At the time of writing, Solana now boasts a $26.4 billion market cap.

Solana To $75 Soon?

SOL is doing so well, despite the ongoing issue with FTX's crypto sell off and Sam Bankman-Fried's conviction.

Its price has also followed suit and has gained as much as 10% over the last day alone.

This continuous surge in Solana's price points at a great possibility that the cryptocurrency may soon reach $70 again, for the first time since 2022

One possible explanation for why SOL might be going up so rapidly in terms of price and other metrics may be the launch of the new SOL perpetual futures trading announced by Coinbase on Monday, November 13 (among other things).

Solana has no string resistances from here to $144

On SOL's price chart, we can see that no real barriers or resistances are holding the cryptocurrency down. The cryptocurrency is one major breakout away from hitting $144, a price level last seen in March 2022.

For all we know, SOL may be attempting a replay of its +800% rally from $30 in July to about $260 in November 2021.

TVL And More On-Chain Metrics Flash Bullish Signals

According to DefiLlama, SOL's DeFi TVl has also exploded lately, nearly doubling from $312 million in mid-October to $579 million at the time of writing.

Solana's TVL rallies

Solana's Open interest rate has also surged straight up from $315 million in mid-October, to about $770 million at the time of writing.

Solana's open interest rates

SOL's long/short ratio also shows that more people are betting for the cryptocurrency, than against it.

Solana's long/short ratio

Overall, SOL, in the charts, will only turn bearish if the bears successfully push it below $51. However, Solana is on the verge of breaking past $64 and will be well on its way to hitting $75 if this resistance breaks.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.