Solana (SOL) has surged to $178.47, marking a 4.60% daily increase amid heightened network activity and DeFi engagement. The blockchain recorded $5.55 billion in 24-hour trading volume, with analysts pointing to ecosystem expansion as a key catalyst.
Recent on-chain data reveals Solana’s daily active addresses surpassed 1.2 million this week, while its decentralized exchange (DEX) volume hit $2.8 billion monthly. This growth comes as major protocols like Raydium and Orca report record liquidity provider returns, according to CoinGecko market analytics.
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Solana’s Network Performance and DeFi Growth
The network maintains 400ms block times despite processing 3,024 transactions per second (TPS) this week. Solana’s Total Value Locked (TVL) reached $4.8 billion, distributed across:
- Lending protocols: $1.2B
- DEXs: $2.1B
- Liquid staking: $1.5B
Market Analysts Weigh In on SOL’s Trajectory
Technical analysts highlight SOL’s breakout above the $175 resistance level, with Fibonacci extensions suggesting a potential $210 target. CryptoQuant data shows exchange reserves decreasing by 18% monthly, indicating strong holding sentiment.
Recent price movements show notable volatility:
| Date | Price | 24h Change |
|---|---|---|
| May 13 | $180.94 | +6.0% |
| May 12 | $172.86 | -2.5% |
| May 11 | $177.35 | +3.8% |
Ecosystem Developments Fueling Momentum
Solana Labs recently partnered with Visa to pilot USDC settlements, while the network’s NFT volume grew 47% month-over-month. Developer activity remains robust with 18,000 monthly active contributors building across DeFi, gaming, and infrastructure projects.
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Market impact appears increasingly bullish as institutional inflows reach $120 million weekly. With network upgrades like Firedancer testnet progressing and DeFi yields outperforming Ethereum’s by 180 basis points, SOL’s rally shows fundamental support for continued appreciation.
