SOL Rallies on Strong Technicals, All-Time High in Total Value Locked
SOL, the native token of the Solana blockchain, rallied in the crypto market today after the chain reached a new all-time high in terms of the total value locked (TVL) in DeFi applications. Meanwhile, the token also looks strong from a technical analysis standpoint, according to analysts.
At 11:30 UTC on Friday, SOL traded at USD 203.95, up 6% over the past 24 hours. The rally today follows strong gains on Thursday and Wednesday, pushing the token up by more than 36% for the past 7 days to levels close to its all-time high from September 9 of about USD 215.
The rally over the past week has coincided with increased usage of DeFi protocols on Solana, with the TVL on the platform reaching as high as USD 12.58bn at the time of writing on Friday –
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