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Solana has reclaimed the $200 level for the first time since late July, signaling renewed bullish momentum in the market. Buyers have shown strength in recent sessions, but analysts caution that a break above $210 is essential to confirm a sustained uptrend. This level has historically acted as a key resistance, and clearing it could open the door for a push toward previous highs.
Adding to the bullish sentiment, top analyst Darkfost highlighted DefiLlama data showing that Solana’s total value locked (TVL) in SOL terms has reached its highest level since 2022. A rise in TVL denominated in SOL suggests that more tokens are being actively deployed in lending, liquidity pools, and staking, reflecting higher user engagement and trust in the network’s ecosystem.
With both technical and on-chain indicators aligning, Solana’s latest move is being closely watched by traders. If bulls can maintain momentum and secure a breakout above $210, it could mark the start of a stronger rally, supported by robust DeFi growth and network adoption.
TVL is a core metric for measuring the activity and health of a blockchain’s DeFi ecosystem. It represents the total assets deposited in smart contracts for purposes like lending, staking, and liquidity provision. However, TVL can be measured in two ways — in US dollar terms and in the network’s native token terms — and these perspectives can tell very different stories.
In USD terms, Solana’s TVL currently stands at $11.028 billion. While this is a strong figure, it remains below the peak reached in January, reflecting the impact of price volatility in SOL’s USD value. Since TVL in dollars is directly affected by token price changes, even if the same number of SOL tokens are locked in DeFi, a drop in price will reduce USD-denominated TVL.
In SOL terms, TVL is measured by the total number of SOL tokens locked, regardless of their USD price. Solana’s TVL in SOL terms is now 58.8 million SOL, marking its highest level since 2022. This means that more SOL tokens are being actively committed to DeFi protocols than at any point in recent years, indicating robust user engagement and confidence in the ecosystem.
The key takeaway is that while USD-based TVL shows how market prices influence the perceived size of Solana’s DeFi activity, SOL-based TVL offers a purer view of on-chain participation. Right now, the data suggests that DeFi usage on Solana is thriving — and growing — even if the dollar value hasn’t yet matched previous highs. This reinforces the narrative that the network’s fundamentals remain strong, positioning it well for future growth if SOL’s market price continues to appreciate.
