CandleFocus Solana’s Total Value Locked Surpasses $6.1 Billion, Setting Multiple New Records
2024-10-15
Author: Content Editor
In October, the total value locked (TVL) on the Solana blockchain reached a new high of $6.1 billion. This indicates increased user trust and engagement with the platform. Over 40 million SOL tokens are locked in DeFi protocols, showing growing user demand. Raydium, a decentralized exchange on Solana, has been a major contributor to the TVL growth. The ongoing meme coin craze has boosted trading activity on Raydium. The market capitalization of meme coins on Solana has surpassed $11.2 billion. Solana's network has experienced record daily active addresses and a high number of new addresses, signaling increased user activity and potential price growth. Currently, SOL is trading around $156 and may reach $200 if it breaks past the $159 resistance level.
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