SOL price broke above the $100 milestone on Feb. 8; recent growth trends in Solana Total Value Locked (TVL) suggest more gains could follow.
Solana recorded dramatic growth with its defi ecosystem over the past week, even causing a brief network outage.
On-chain data analysis highlights how rapid capital inflows and rising network participation rate could propel SOL prices further up the charts in the coming days.
Solana’s price reclaims $100 after dramatic week
Solana has been the subject of major controversy and volatility in recent weeks. SOL prices ended January strongly with a blistering 35% upswing from $79 to $105 between Jan. 23 and Jan. 31, thanks to rising defi activity.
Things turned negative when the Solana blockchain network experienced a five-hour outage on Feb. 6, triggering negative market sentiment.
Rather than enter a panic sell-off, bullish SOL holders held their positions, and on Feb. 8, SOL price made another leg-up, hitting the $105 mark at noon Eastern time.
On-chain data trends show the 33.6% price rally over the last 16 trading days could be attributed to Solana’s defi ecosystem attracting millions of dollars worth of capital inflows.
Solana TVL hits 20-month peak
On Feb. 8, TVL on Solana’s defi ecosystem crossed the $1.8 billion mark for the first time since June 2022. As per DefiLlama data, it has grown by $500 million in the last 16 days, dating back to Jan. 23.
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Author: Ibrahim Ajibade
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