Solana hits May 2022 high; Is it all good news for SOL traders?

At press time, the Layer 1 network’s TVL was $4.03 billion, having risen by 97% in 30 days. According to DefiLlama’s ranking, Solana is the only blockchain amongst the top 10 DeFi networks that its TVL has risen by this much in the last 30 days., the monthly count of new addresses on Solana has risen to an all-time high. In the past 21 days, the number of unique first signers to transact in the Solana Network has totaled 16.32 million.

DefiLlama’s data showed that on that day, protocol revenue derived from transaction fees rose to an all-time high of $2.5 million.data. Although impacted by the general market decline in the past week, the demand for SOL continues to outpace coin sell-offs among spot market participants. For example, SOL’s Relative Strength Index and Money Flow Index were 61.19 and 80.74, respectively. These values showed that daily traders favored SOL accumulation over distribution.

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