Solana aims for higher levels as DeFi TVL surges to 1.8 billion USD in 30 days

Solana (SOL) is sending out some mild bullish signals, trading firmly above 205 USD on Friday, reflecting the market's “risk-on” sentiment after key economic data from America, including the Unemployment Rate and the Nonfarm Payrolls – NFP( report, was released.

The price movement of Solana continues to follow in the footsteps of Bitcoin )BTC(, which has reclaimed the important support level of 112,000 USD. The appeal of SOL remains high, although open interest )OI( has cooled from a record level of 13.68 billion USD. According to data from CoinGlass, OI – reflecting the total nominal value of outstanding contracts – is currently at 12.39 billion USD. These corrections are normal phenomena in a bullish market, creating opportunities for investors to enter before SOL continues to break out.

Traders should closely monitor OI to assess market sentiment, especially since September is often a period of correction in the history of cryptocurrency. At the same time, other important indicators such as staking demand and platform revenue will also play a key role in shaping the outlook for SOL in the coming weeks.

The DeFi TVL of Solana is near record highs

The total value locked )TVL( in DeFi on Solana – an index measuring the total value of coins stored in smart contracts on this blockchain ecosystem – has recorded a steady bullish trend since April.

According to data from DefiLlama, the TVL of Solana now reaches 11.67 billion USD, a significant increase from 9.86 billion USD on August 8. Thus, in just one month, investors have pumped more than 1.8 billion USD into smart contracts on the protocol, demonstrating confidence in the potential bullish trend of SOL.

![])https://img-cdn.gateio.im/webp-social/moments-0e6fee113e80b6ca783400da17080322.webp(TVL DeFi of Solana | Source: DefiLlamaAlthough the staking outlook on Solana remains positive, the network is witnessing a significant decline in on-chain activity. The number of active addresses has decreased by over 62%, down to 2.26 million from 6 million addresses at the beginning of June.

This move reflects the declining level of user interaction in the context of limited network trading. Active addresses – wallets that interact with the blockchain by sending and receiving assets – are an important measure to assess the health, adoption level, and overall interest in the Solana ecosystem.

![])https://img-cdn.gateio.im/webp-social/moments-cb61680d0e2e9d0d053af2c6e8ffa875.webp(Operational address of Solana | Source: DefiLlama## Technical outlook: Solana builds bullish momentum

The price of Solana is showing signs of consolidating a bullish trend, with the immediate target being 220 USD and potentially reaching 250 USD. The short-term momentum of SOL is supported by the relative strength index )RSI( at 56, approaching the overbought zone, indicating potential for the next breakout.

![])https://img-cdn.gateio.im/social/moments-4201da34317ba8496780b5850fd6e1e1(Daily chart of SOL/USDT | Source: TradingViewThis smart contract token is also maintaining above the exponential moving average )EMA( trending upwards: 50-day EMA at 187 USD, 100-day EMA at 177 USD, and 200-day EMA around 171 USD, reinforcing investor bullish sentiment.

The key price levels that traders are monitoring include resistance at 220 USD, a mid-term target of 250 USD, and the historical peak at 295 USD. However, the risk of a pullback below 200 USD remains present, especially in the context of macro volatility surrounding the Fed's interest rate decision in September.

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