Solana, one of the largest cryptocurrencies by market cap, has exhibited bullish signals as one of its key metrics, total value locked (TVL), crosses $6.1 billion according to on-chain data. This would be the highest it has reached in almost three years, since January 2022. A spike in the total value of assets deposited in a project translates to both increasing engagement in the project and user trust. Moreover, there has also been an increase in the number of Solana tokens locked in decentralized finance (DeFi) protocols. As per data from DefiLlama, more than 40 million SOL tokens have been locked in these protocols.
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