<\/p>\n
- \n
- Solana hiked for the third day as it traded above $29, at press time<\/span><\/em><\/li>\n
- Despite the same, negative funding rates dominated the derivative side of the market<\/span><\/em><\/li>\n<\/ul>\n
Solana<\/a> [SOL] has been capturing the imagination of market observers, not solely due to its northbound trajectory but also for the way it boldly charted its course away from the market\u2019s traditional rhythms. As this upbeat trend unfolds, two crucial metrics are now broadcasting distinct signals for SOL.\u00a0<\/span><\/p>\n
\n\u2013 How much are 1,10,100 SOLs worth<\/a> today<\/p>\n
\nSolana\u2019s streak continues<\/b><\/h3>\n
Solana\u2019s<\/a> daily timeframe chart revealed an impressive 3-day winning streak, with the most modest gains clocking in at a remarkable 6%. At the time of writing, the ascent had extended beyond 8%, propelling SOL\u2019s trading price past the $29-mark. <\/span><\/p>\n
The magnitude of this price hike was further underscored by the Relative Strength Index (RSI), with the same comfortably above 80, firmly in the overbought territory at press time. This existing RSI status served as an enlightening reference point and will illuminate subsequent key metrics.<\/span><\/p>\n
![\"Solana\/USD](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/SOLUSD_2023-10-21_13-18-00.png\")
<\/a><\/p>\nSource: TradingView<\/p>\n<\/div>\n
Solana\u2019s TVL grows silently<\/b><\/h3>\n
Initially, the Total Value Locked (TVL) for Solana<\/a> seemed to maintain a steady course, as per DefiLlama<\/a>. And yet, upon a more meticulous examination, a significant shift came into focus. Towards the dawn of the year, the TVL stood at approximately $217 million. However, at the time of this update, it had surged beyond $344 million.\u00a0<\/span><\/p>\n
![\"Solana](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"Solana](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Solana-TVL.png\")
<\/a><\/p>\nSource: DefiLlama<\/p>\n<\/div>\n
This expansion highlighted the significant growth the network has seen over the past 10 months. It also suggested that the ecosystem has expanded in tandem with its assets. However, the market sentiment told a different tale.<\/span><\/p>\n
Traders take a polarising stand<\/b><\/h3>\n
Coinglass\u2019s<\/a> analysis revealed an intriguing paradox \u2013 Despite the recent surge in Solana\u2019s<\/a> price, the market hasn\u2019t responded in kind. The funding rate chart painted a telling picture, illustrating that this spike has triggered a surge in negative funding rates. Notably, the negative funding rate observed on 20 October marked Solana\u2019s highest level in the last three months.\u00a0<\/span><\/p>\n
\n - Despite the same, negative funding rates dominated the derivative side of the market<\/span><\/em><\/li>\n<\/ul>\n