Solana (SOL) Price Prediction: Cup & Handle Pattern Points to Massive Surge

The total value locked (TVL) in the Solana blockchain ecosystem has exceeded $6 billion, driving a 4.94% increase in the price of SOL

The total value locked (TVL) in the Solana blockchain ecosystem has surpassed $6 billion, according to data from DefiLlama on March 8. This marks a 4.94% increase in the price of SOL, the network’s native token, over the past 24 hours.

Solana price analysis shows a further increase in trading volume by 24.05%, reaching $4.13 billion. The network boasts 5.34 million daily active users and has processed 41.08 million transactions in the last 24 hours.

Solana TVL reaches $6B, 83% of SOL now staked. Here's what happened in Solana this week.

The Solana TVL is at its highest point since 2022, having previously surpassed $10 billion during the 2021 bull run. Notably, around 83% of circulating SOL is now staked, indicating a strong preference for passive income generation among SOL holders.

Several factors have contributed to Solana's growth, including Stripe enabling USDC payments on the Solana blockchain. Furthermore, NFT activity on Solana remains high, with the network being on par with Polygon in this aspect and leading in chain royalties at $405.8K.

Despite bankrupt crypto exchange FTX's recent unstake of 178,631 SOL, the altcoin continues to experience strong demand. At press time, SOL is valued at $173.54, having risen by 5% in the last 24 hours and 14% over the past seven days.

Solana (SOL) price analysis over the last 30 days reveals a gain of 18.58%, outperforming many leading altcoins. The digital asset has surged 461.52% since October 2023, bringing its market cap to $81.58 billion.

Read also: Solana (SOL) Price Prediction: Cup & Handle Pattern Points to Massive Surge

Solana price analysis also highlights a Relative Strength Index (RSI) of 70.76, indicating that the altcoin is currently overbought. This may present an opportunity to take profits and consider buying back in if the price drops.

The information provided in this article is intended solely for informational and educational purposes. It does not constitute financial advice or advice of any kind. Coin Edition strongly advises readers to conduct their own independent research before making any investment decision.