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Here is everything that happened on Solana this week:
- Weekly Solana price change: SOL price moved from $154 to $168 over the last seven days.
- Market capitalization: The market capitalization of Solana moved from $72 billion to $80.88 billion over the last seven days, which represents an increase of 7.092%.
- Top performing Solana Memecoins: Look bro (LOOK), Goatseus Maximus (GOAT) and BOGUS (BOGUS) were the best performing Solana memecoins of the week which rose by 502.5%, 183% and 146%, respectively.
Solana (SOL) is doing its best "don’t look down" impression as it hovers around $165.50, clutching onto the 20-day EMA ($148) like a kid gripping the edge of the pool. Apparently, the bulls see every dip as a Black Friday sale and are rushing in like it’s the last TV on the shelf. Let's see if they can keep Solana afloat or if it's about to take a dive and test the waters.
The bulls are gearing up for one last push to catapult the price past the $164 resistance like they're trying to squeeze into their favorite jeans after the holidays.
If they manage to pull it off, the SOL/USDT pair will form an ascending triangle pattern—fancy talk for “things are looking up.” That could be the green light for a rally all the way to $189, where they’ll probably celebrate with a well-earned victory lap.
The 20-day EMA is basically the bouncer at the club, keeping things in check. But if the sellers really want to crash the party, they’re going to have to drag the price kicking and screaming below the uptrend line. If they manage that, the pair could take a nosedive straight down to $127.
Solana DeFi TVL
According to DefiLlama, Solana’s total value locked (TVL) decided to put on its big-boy pants and hit a whopping $6.4 billion on Oct. 21.
The last time Solana flexed this hard was back in January 2022 when its TVL barely made it to $2 billion – ah, simpler times.
As the chart below shows, Solana’s TVL has been busy at the gym this year, bulking up by a casual 348% since starting at $1.4 million on Jan. 1, 2024. In the last 30 days, Solana’s TVL has been on a caffeine-fueled sprint, jumping by over 24.7%, leaving other top layer-1 protocols like Ethereum and BNB Chain looking like they took a nap.
For reference, Ethereum managed a 4% increase, and BNB Chain crawled up by 2%. Solana’s TVL boost is basically the DeFi equivalent of a packed party. It shows traders are flocking to its ecosystem like it's giving out free snacks, thanks to its low "cover charge" fees. Data from Solscan reveals that Solana’s fees are hanging out at a chill 0.000091 SOL (~$0.015).
Meanwhile, Ethereum is over there charging $0.53 per transaction. No wonder people are choosing the Solana dance floor!
🚨 BREAKING: @Solana surpasses $2B in daily DEX volume for the third day in a row, outpacing Ethereum and all other chains. pic.twitter.com/9qQkv44SPG
— SolanaFloor (@SolanaFloor) October 22, 2024
Abimbola Adu
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