Solana, a Layer 1 blockchain known for its high speed and low transaction costs, has witnessed a significant uptick over the past 24-hour period following the market recovery. According to the current Solana price forecast, 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, making a surge of 6%. According to data from CoinMarketCap, the current market capitalization stands at approximately $71 billion, making it the fifth-largest cryptocurrency. The trading volume also saw a notable increase, up 28% at just over $2 billion.
Solana Price Forecast: Can the Current Momentum Sustain SOL Above $150?
Over the past week, Solana has experienced a significant surge of 10.40% following the recent market recovery. The cryptocurrency has been trading in a range bound between $134 and $153, showing substantial fluctuations within this period. This uptick marks a robust performance amidst a broader stabilization in the crypto market.
Bulls have struggled to maintain upward momentum since the SOL price hit a monthly low of $123, with buying and selling pressures closely matched.
According to data from DeFiLlama, Solana is currently experiencing a bullish trend in the cryptocurrency market. The Total Value Locked (TVL) in the network has reached an impressive $4.707 billion. This indicates strong investor confidence and substantial capital inflow into Solana’s decentralized finance (DeFi) protocols.
In addition, the market capitalization for stablecoins on Solana stands at $3.4 billion, highlighting its significant role in the DeFi sector. Over the past 24 hours, the network has generated fees totaling $1.68 million and revenue of $839 million, which further underscores its growing financial activity.
How Critical is the $160 Resistance Level for SOL?
With the current bullish trend gaining momentum, there’s potential for Solana price prediction to surpass the critical $160 resistance level. This breakthrough could signal a renewed bullish outlook, targeting prices near $190. If the upward trajectory holds, Solana price forecast might even challenge the significant $200 barrier.
On the flip side, increased selling pressure could push Solana down to an initial support level of $130. A further dip could test stability around the $120 zone, hinting at a potential turn towards bearish market conditions.
Technical Indicators Point to a Strong Bullish Trend
The technical indicators for Solana reveal a recent uptrend in price, as observed on the 4-hour chart. The Chaikin Money Flow (CMF) indicator sharply rose, indicating a potential increase in buying pressure.
The Awesome Oscillator (AO) shifted from red to green bars, suggesting a positive momentum in recent trading sessions. This combination of indicators might signal a bullish sentiment among investors as Solana shows signs of recovery from its previous declines.
The Relative Strength Index (RSI) has surged to 77, signaling a strong buying momentum after approaching the overbought territory, which typically suggests a potential for a market correction or pullback. The Moving Average Convergence Divergence (MACD) indicator exhibits an upward trend, with the MACD line crossing above the signal line, reinforcing the bullish sentiment among traders.
The post Solana Price Forecast: SOL Targets $200 On Soaring $4.68B DeFI TVL appeared first on CoinGape.
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