The worth of Solana’s native SOL coin edged up on Oct. 25 within the wake of a marketwide rally led by Bitcoin (BTC), with the entire worth locked (TVL) on Solana hitting document highs and SOL’s worth seeing a promising technical setup.
Bitcoin triggers marketwide rally
SOL climbed by greater than 6% to hit an intraday excessive of round $214. The worth of SOL is now up somewhat over 35% over the previous week, pushing it nearer to its record high of about $222 set in early September.
Bitcoin’s run-up to its new record high of $67,000 final week resulted within the whole crypto market capitalization passing the $2.5-trillion mark, a brand new milestone for the cryptocurrency.
Solana TVL hits document excessive
The SOL worth rally additionally appeared because the TVL of all of the decentralized finance (DeFi) tasks constructed on the Solana blockchain reached a brand new document excessive of $13.53 billion, as per information aggregator service DeFi Llama.
Probably the most dominant DeFi project on the Solana blockchain is Saber, an automated market maker (AMM) protocol that enables Solana users and applications to trade between stable pairs of assets efficiently and earn yields by providing liquidity to the platform.
Its contribution to the Solana liquidity pool was $2.05 billion as of publication time.
Meanwhile, there are four other DeFi projects with a TVL of more than $1 billion. These include Raydium ($1.91 billion), Sunny ($1.73 billion), Serum ($1.69 billion) and Marinade Finance ($1.63 billion).
Solana additionally declared that it will add extra DeFi tasks to its checklist after the completion of its “Ignition” hackathon on Oct. 18. Customers might want to maintain SOL tokens to make use of these purposes, to pay for transaction charges, thus elevating the prospect of the token’s larger demand sooner or later.
SOL worth technicals
SOL’s newest worth rally got here as a part of a breakout transfer out of what seems like a bullish pennant. As Cointelegraph reported earlier, the technical outlook may ship SOL to ranges equal to the utmost distance between the pennant’s higher and decrease trendline round $85.
In consequence, including $85 to the breakout stage round $158, SOL’s pennant worth goal is $243 U— i.e., virtually $250. In the meantime, a retest of the pennant’s higher trendline as assist would threat invalidating the bullish setup.
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