🚀 Solana Tests Breakout Zone — $1.8B DeFi Surge Fuels Bullish Momentum

Solana price recovers, approaching $220 and $250.

Solana DeFi TVL adds $1.8 billion to $11.7 billion, boosting investor confidence.

Solana active addresses are much below the 2 million high seen in June, suggesting decreased on-chain activity.

Solana (SOL) traded over $205 on Friday, reflecting a risk-on mentality following the publication of crucial US economic data, including the Unemployment Rate and Nonfarm Payrolls.

After Bitcoin (BTC) recaptured the $112,000 support, Solana's price rose.

Despite the futures Open Interest (OI) falling from $13.68 billion, the biggest ever, Solana interest remains strong. OI, the notional value of futures contracts, averaged $12.39 billion, according to CoinGlass. Bull markets often have healthy reversals that provide investors new entry chances before SOL regains bullish momentum.

Solana DeFi TVL near peak

The Solana Decentralized Finance (DeFi) Total Value Locked (TVL), which records the total value of all currencies held in smart contracts across chain protocols, has been rising since April.

DefiLlama data shows the Solana blockchain's TVL at $11.67 billion, up from $9.86 billion on August 8. In a month, investors have locked up over $1.8 billion in smart contracts on the protocol, demonstrating their confidence in SOL's upswing.


Solana's on-chain activity is declining despite its strong staking prognosis. Active network addresses have dropped 62% to 2.26 million from 6 million in early June.

Bullish sentiment is supported by the smart contracts token's position above the 50-day Exponential Moving Average (EMA) at $187, 100-day EMA at $177, and 200-day EMA at $171.

Traders focus on $250 barrier, $250 medium-term, and SOL's record high of $295. A drop below $200 is possible, particularly with economic uncertainty hanging over the Fed's September interest rate decision.

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