tl;dr
In October, Solana's total value locked (TVL) surged to over $6.1 billion, the highest level since January 2022. Over 40 million SOL tokens are locked in DeFi protocols, indicating increasing user demand. Raydium, a decentralized exchange on Solana, contributed significantly to the TVL increase, wit...
In October, Solana's total value locked (TVL) surged to over $6.1 billion, the highest level since January 2022. Over 40 million SOL tokens are locked in DeFi protocols, indicating increasing user demand. Raydium, a decentralized exchange on Solana, contributed significantly to the TVL increase, with meme coin trading driving demand. Solana's network saw over 4 million daily active addresses, and the number of new addresses set an all-time high, suggesting fresh capital inflows.
SOL is currently trading at around $156, facing resistance at $159, with potential to reach $200 if this level is surpassed.
Alongside the record-breaking TVL, data from DefiLlama shows that, as of October 15, over 40 million SOL tokens are locked in DeFi protocols. This figure has been steadily rising from 14 million SOL at the beginning of 2024.
Raydium, a decentralized exchange (DEX) on Solana, has been a major contributor to its TVL exceeding $6.1 billion. Since the start of October, Solana's TVL has increased by $1 billion, with Raydium alone accounting for $600 million of that growth.
Trading demand on Raydium has surged amidst the ongoing meme coin craze, which shows no signs of cooling in October. Recent data from Kaito reveals that meme coins have hit a new peak in mindshare. Furthermore, data from CoinGecko indicates that the market capitalization of meme coins on Solana has surpassed $11.2 billion, with daily trading volume nearing $4 billion.
Data from Artemis reveals that Solana's network's daily active addresses (DAA) reached a new record. In October, Solana's network saw over 4 million active addresses on certain days. Since September, DAA has consistently remained above 3 million per day. In addition, the number of new addresses on Solana set an all-time high in October, with over 4 million new addresses created daily.
Currently, SOL is trading at around $156. Recent technical analysis suggests that SOL is facing significant resistance at $159, with the potential to reach $200 if it breaks past this level.
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