Solana 's TVL Surpasses $6.1 Billion, Sets Multiple New Records

In October, the total value locked (TVL) on Solana reached a new high, surpassing $6.1 billion. This is the highest level since January 2022.

TVL is the total value of assets that users have deposited into a project. An increase in TVL is usually a sign that user confidence and engagement with the platform are growing.

TVL surpasses $6.1 billion with 40 million SOL locked

In addition to the record-breaking TVL, data from DefiLlama shows that as of October 15, over 40 million SOL tokens have been locked in DeFi protocols. This number has steadily increased from 14 million SOL at the beginning of 2024.

Therefore, the growth in TVL is not solely due to the rising market price of SOL. The increasing amount of SOL being locked in these protocols indicates a growing user demand.

Meme coins drive trading demand on DEXes

Raydium, a decentralized exchange (DEX) on Solana, has significantly contributed to Solana's TVL exceeding $6.1 billion. Since the beginning of October, Solana's TVL has increased by $1 billion, with Raydium accounting for $600 million.

"DEX trading activity continues to thrive on Solana, driven by a plethora of meme coins. It ended September with a 22% market share and $21.5 billion in trading volume,"

CoinGecko reported.

Trading demand on Raydium has surged amid the ongoing meme coin frenzy, showing no signs of cooling down in October. Recent data from Kaito indicates that meme coins have reached a new peak in terms of interest. Furthermore, data from CoinGecko shows that the market capitalization of meme coins on Solana has surpassed $11.2 billion, with a daily trading volume of nearly $4 billion.

Solana's daily active addresses reach a new ATH

Data from IntoTheBlock shows that Solana's daily active addresses (DAA) have reached a new all-time high. In October, the Solana network had over 4 million active addresses on certain days. Since September, the DAA has consistently remained above 3 million per day.

Additionally, the number of new addresses on Solana (7DMA) reached an all-time high in October, with over 4 million new addresses created weekly. The number of new addresses reflects demand from new users, often a sign of new capital inflows into the project. This trend is typically a key driver for Altcoin price appreciation.

Currently, SOL is trading at around $156. Recent technical analysis suggests that SOL is facing significant resistance at the $159 level, with the potential to reach $200 if it breaks through this level.

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