Solana ($SOL ) has achieved a new milestone by hitting a record of more than 11.09 million addresses. This surge in its network adoption shows Solana’s growing adoption in the crypto ecosystem.
Over $72 million in assets have been added to the network, and weekly active addresses have increased to 17 million, surpassing ETH’s 1.8 million.
DeFi Growth and Institutional Interest
The Total Value Locked (TVL) in SOL’s DeFi system has increased to 54.87 million SOL, achieving a high since June 2022. Additionally, Binance’s SOL wallet balance shows accumulation, showing a bullish market across many exchange platforms.
Volatility Shares’ addition of 2 Solana future ETFs - SOLZ and SOLT, shows increased institutional interest. This aims at investors’ exposure to Solana’s market dynamics.
Market Outlook and Price Dynamics
Solana’s price is currently at $131.56, showing a 2.31% increase in the last 24 hours. The 4-hour price chart shows a pattern of higher lows, with support at $117 and resistance at $154.
Technical indicators show a mixed outlook:
Relative Strength Index (RSI) is at 42.9
Moving Average Convergence Divergence (MACD) signals a possible breakout
Open interest declining by 3%
Trading volumes declined by 38%
The long-to-short ratio at 0.95 shows the increased influence of short traders
Long liquidations have reached $6.21 million in the last 24 hours.
Final Words
The increasing adoption and institutional interest show Solana’s expanding role in the crypto domain. Although the developments show bullish possibilities, enthusiasts should be considerate towards the technical indicators to understand the market trends.
SOL’s market dynamics are influenced by both broader market conditions and sustainability rates. Investors must weigh these factors before making any investment plans.
