The price of Solana's native SOL coin edged upwardly on Oct. 25 in the wake of a marketwide rally led by Bitcoin (BTC), with the total value locked (TVL) on Solana hitting record highs and SOL'southward price seeing a promising technical setup.

Bitcoin triggers marketwide rally

SOL climbed by more than six% to hit an intraday high of around $214. The price of SOL is now up a little over 35% over the past calendar week, pushing it closer to its record loftier of about $222 ready in early September.

Bitcoin's run-upward to its new record loftier of $67,000 terminal week resulted in the total crypto market capitalization passing the $2.5-trillion mark, a new milestone for the cryptocurrency.

Height 10 cryptocurrencies and their performance over the last seven days. Source: Messari

That helped push SOL college, with rival cryptocurrencies Ether (ETH) and Cardano's ADA also jumping past over 10% and i% in the by week, respectively.

Solana TVL hits record high

The SOL cost rally also appeared as the TVL of all the decentralized finance (DeFi) projects built on the Solana blockchain reached a new tape loftier of $xiii.53 billion, as per data aggregator service DeFi Llama.

Solana TVL hits another high. Source: Defi Llama

The nigh dominant DeFi project on the Solana blockchain is Saber, an automated market maker (AMM) protocol that enables Solana users and applications to merchandise between stable pairs of assets efficiently and earn yields by providing liquidity to the platform.

Its contribution to the Solana liquidity puddle was $2.05 billion equally of publication time.

Meanwhile, at that place are four other DeFi projects with a TVL of more than than $ane billion. These include Raydium ($1.91 billion), Sunny ($1.73 billion), Serum ($1.69 billion) and Marinade Finance ($1.63 billion).

Solana also declared that it would add more than DeFi projects to its listing after the completion of its "Ignition" hackathon on Oct. 18. Users will need to concur SOL tokens to use these applications, to pay for transaction fees, thus raising the prospect of the token's higher demand in the future.

SOL price technicals

SOL'due south latest price rally came as part of a breakout motility out of what appears similar a bullish pennant. As Cointelegraph reported earlier, the technical outlook could ship SOL to levels equal to the maximum altitude between the pennant'south upper and lower trendline around $85.

SOL/USD daily price chart featuring pennant breakout. Source: TradingView

As a result, adding $85 to the breakout level around $158, SOL's pennant toll target is $243 U— i.east., almost $250. Meanwhile, a retest of the pennant'southward upper trendline as support would hazard invalidating the bullish setup.

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