The price of Solana is under pressure amid current market conditions. Nevertheless, some aspects of the Solana network exhibit strong results.
Solana Price Dynamics
Solana's price has faced considerable pressure, dropping by 24% in the last week to $112.24. This level is significant as it represents a 12-month support level. Should bearish sentiment persist, further price declines below this mark are possible.
Growth of TVL on Solana
Despite the negative price dynamics, the total locked value (TVL) of tokens in the Solana network continues to rise. As of April 2, TVL stood at 65.04 million SOL, a significant increase from 16.61 million SOL in late November. This growth may indicate long-term investor confidence in Solana.
Performance Outlook for Solana Network
Amid current bearish trends, daily transaction counts on the platform have decreased, remaining around 47.72 million as of April 2. Active addresses have also declined, but there has been a resurgence in active users following the support level retest.
In a volatile market, Solana faces numerous challenges; however, the growth of TVL and user activity may indicate positive future prospects.
