Solana (SOL) price rebounded on Monday after a market-wide rally led by Bitcoin (BTC), its total volume (TVL) reached record highs and a full technical setup.
Bitcoin triggers market-wide rally
SOL is up more than 6% to hit an intraday high of around $ 214.
Bitcoin rose to a new record high of $ 67,000 last week, causing its total crypto market cap to surpass the $ 2.5 trillion mark in the past seven days, a new milestone for crypto.
This helped propel Solana up, with its competing cryptocurrencies, including Ether (ETH) and Cardano (ADA), also up more than 10% and 1%, respectively.
Solana TVL hits record high
The Solana price rally is also coming as the TVL of all decentralized finance projects (DeFi) built on their blockchain hits a new record high of $ 13.53 billion, according to aggregator service DeFi Llama data.
The dominant DeFi project on the Solana blockchain is Saber, an automated market making protocol (AMM) that enables Solana users and applications to efficiently trade between stable pairs of assets and generate profits by adding liquidity to the platform provide.
Its contribution to the Solana liquidity pool at press time is $ 2.05 billion.
There are now four other DeFi projects with TVL over $ 1 billion. These include Raydium ($ 1.91 billion), Sunny ($ 1.73 billion), Serum ($ 1.69 billion), and Marinade Finance ($ 1.63 billion).
Solana too explain that they will add more DeFi projects to their list after completing the “Ignition” hackathon on October 18, requesting them.
Price technology SOL
SOL’s recent rally is part of a breakout move away from a seemingly bullish pennant. As previously reported by Cointelegraph, the technical outlook aims to bring SOL to a level that matches the maximum distance between Pennant’s top and bottom trend lines at around $ 85.
As a result, with a surge from $ 85 to a breakout of about $ 158, the Pennant target for the SOL price is $ 243, which is close to $ 250. Meanwhile, retesting the pennant’s upper trendline as support could undo the bullish setup.