DeFi
SOL Targets $200 on Rising DeFI TVL of $4.68 Billion
Solana, a layer-1 blockchain known for its high speed and low transaction costs, has seen a significant surge in the past 24 hours following the market rally. According to the current Solana price prediction, the altcoin is hovering above the $150 support level as bulls eye more gains, indicating strong investor confidence.
Solana Price is currently at $153 during European trading hours, up 6%. According to data from CoinMarketCapThe current market cap stands at around $71 billion, making it the fifth largest cryptocurrency. Trading volume has also seen a notable increase, up 28% to just over $2 billion.
Solana Price Prediction: Can Current Momentum Keep SOL Above $150?
Over the past week, Solana The cryptocurrency price has seen a significant increase of 10.40% following the recent market rally. The cryptocurrency has been trading in a range of $134 to $153, with substantial fluctuations during this period. This increase marks a solid performance amid a broader stabilization in the cryptocurrency market.
Bulls have struggled to maintain their upward momentum since SOL price hit a monthly low of $123, with buying and selling pressures closely intertwined.
Solana Price Prediction Chart
According to data from DefiLlamaSolana is currently experiencing a bullish trend in the cryptocurrency market. The network’s total value locked (TVL) has reached an impressive $4.707 billion. This indicates strong investor confidence and a substantial inflow of capital into Solana’s decentralized finance (Challenge) protocols.
Furthermore, the market cap of stablecoins on Solana stands at $3.4 billion, highlighting its important role in the DeFi sector. In the last 24 hours, the network generated fees totaling $1.68 million and revenue of $839 million, further highlighting its growing financial activity.
How critical is the $160 resistance level for SOL?
With the current uptrend gaining momentum, there is potential for Solana Price Prediction to break above the critical resistance level of $160. This breakthrough could signal a fresh bullish outlook, targeting prices near $190. If the upward trajectory continues, Solana price prediction could even challenge the important barrier of $200.
On the other hand, increased selling pressure could push Solana towards an initial support level of $130. A further decline could test stability around the $120 area, hinting at a possible reversal towards bearish market conditions.
Technical indicators indicate a strong bullish trend
Solana’s technical indicators reveal a recent bullish trend in price, as observed on the 4-hour chart. The Chaikin Money Flow (CMF) indicator has risen sharply, indicating a potential increase in buying pressure.
The Awesome Oscillator (AO) has turned from red to green, suggesting positive momentum in recent trading sessions. This combination of indicators could signal bullish sentiment among investors as Solana shows signs of recovery from its previous declines.
Solana Price Analysis Chart | Source: TradingView
The Relative Strength Index (RSI) has climbed to 77, signaling strong buying momentum after approaching overbought territory, which generally suggests a potential market correction or pullback. The Moving Average Convergence Divergence (MACD) indicator is trending upwards, with the MACD line crossing above the signal line, reinforcing bullish sentiment among traders.
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Frequently Asked Questions (FAQ)
Solana’s potential to reach a new all-time high depends on the current market recovery and growing investor interest, particularly in its DeFi sector.
Solana reached its all-time low on May 11, 2020, with a price of $0.5052, marking a significant increase of over 30,322.63% since then.
Solana is known for its speed, capable of processing up to 65,000 transactions per second, making it one of the fastest blockchains available.