12 October Solana Price Surges Close to 20 Dollars Amid Rising Attention

Crypto News– The price of Solana (SOL) has seen a decline from its peak of $24.79 on October 2. On October 12, it dipped to a low of $21.79, erasing a substantial portion of the gains made in September. Interestingly, despite the drop in price, the Total Value Locked (TVL) in the Solana network has surged to a new yearly high of $337.49 million.

In a conversation with BeInCrypto, Julian Deschler, the Co-founder of Elusiv, shed light on the factors contributing to the increase in Solana’s TVL and discussed why new developers are gravitating toward the blockchain.

Elusiv, which serves as a universal encryption layer for Web3, and operates within the decentralized landscape, made its debut on the Solana Mainnet in March 2023, following a successful $3.5 million seed round in November.

Notably, Elusiv recently introduced a groundbreaking feature that allows users to privately exchange assets on the Solana blockchain. This innovation revolves around the utilization of zero-knowledge proofs to secure users’ public keys, thus mitigating counterparty risk. Within the Elusiv application, users are now able to deposit funds into a private balance before executing token transfers or swaps, all without exposing their public key.

12 October Solana Price Surges Close to 20 Dollars Amid Rising Attention

On September 15, the daily time frame analysis of Solana’s price revealed a breakout from a descending wedge pattern, propelling the price to reach a peak of $24.80 by October 2.

However, following this peak, SOL has experienced a decline, mirroring the broader cryptocurrency market’s performance.

Despite the breakout, Solana has been unable to breach the longstanding $27 resistance zone that has remained intact since the start of the year.