Solana (SOL) deserves close watch as bulls mark next price target
What Solana metrics show
Besides this massive uptrend recorded overnight, Solana is also displaying an impressive trading volume. Per on-chain data, a total SOL worth $885,337,875 has been traded, amounting to a 116% jump in price. This massive interest as showcased by the trading volume underscores the attractiveness of Solana to both retail and institutional investors.
Solana's daily chart, as depicted above shows a surge from $32.41 to its current price level on the back of the trading volume. Besides volume, Solana's total value locked (TVL) on its DeFi platforms also underscores the protocol has massive room for growth. Pegged at $394.16 million, Solana has the capacity for growth in the long term to catch up with its peers.
Potential SOL price target
With the current price outlook, Solana is currently trading at its highest price level for the month. However, with the coin in a price discovery level, we can see it touch a high of $40, a feat that, if achieved, will mark its highest level since June 2022.