Currently, traders are closely monitoring popular assets such as Bitcoin and Ethereum. Despite the recent rally in other cryptocurrencies like Dogecoin, they appear to be disregarding them. However, Solana remains a topic of intense discussion among community members. The Solana ecosystem experienced some turbulence due to the delistings by Robinhood and Revolut. Nonetheless, SOL has swiftly moved past those challenges. With a notable increase of 20% in value over the past week, SOL ranked as the sixth-highest gainer in the weekly rankings at the time of reporting.
Solana has been making significant strides in the NFT space, demonstrating its strong commitment. According to data from CryptoSlam, Solana surpassed Bitcoin in terms of NFT sales volume this week. Previously, due to the popularity of projects based on Ethereum, Bitcoin had displaced Solana and other blockchains to closely accompany Ethereum.
Nevertheless, thanks to a remarkable increase of 271% in sales, Solana has now secured the second position. In the previous week, the total value of settled NFTs on the Solana blockchain reached $41 million, with only a minimal 2.1% attributed to wash trades. Comparatively, Ethereum recorded approximately $300 million, but more than 54% of its volume was associated with wash transactions. Bitcoin, on the other hand, had the lowest settlement volume among the three, with wash trades accounting for nearly 4% of its total.
Solana’s DeFi Delight: TVL Grows, Bullish Sentiment Takes Flight
Solana has also experienced positive performance in the realm of decentralized finance (DeFi). In the previous week, it successfully increased its Total Value Locked (TVL) by over $20 million. On a year-to-date basis, the TVL has grown by 33.3%, surging from $205.11 million to $273.56 million. This upward trend signifies an increasing number of users locking funds within the SOL ecosystem.
SOL has experienced a significant decline of approximately 53% from its year-to-date (YTD) peak of $27.12. Currently, SOL is facing a critical test at the 38.2% Fibonacci (Fib) level. If the asset maintains its bullish momentum and fundamentals improve, there is a possibility of retesting the peak by surpassing $19.8 and $22.6 along the way. Conversely, a bearish trend could lead to correction levels at $17.5 and $15.3.