Solana Sees Surging Usage and Engagement Despite Price Consolidation

Solana's total value locked (TVL) has remained above $4 billion since March 15, indicating growing confidence in Solana's DeFi ecosystem.

Daily decentralized exchange (DEX) trading volumes on Solana have consistently exceeded 6 million transactions per day since March 14, reaching new highs.

The number of unique daily Solana users surged to over 2 million on March 17, up 143% in just 3 days, signaling strong engagement.

SOL's price chart shows the shorter term 20 EMA nearing a dip below the 50 EMA, signaling a consolidation phase ahead of a potential new uptrend.

If bullish momentum resumes, analysts predict SOL could make another run towards its previous all-time high of $259.97 reached in November 2021.