Key Insights:
- Solana’s TVL has surged by 24.16%, the highest among the top 5 chains, signaling growing trust.
- Solana (SOL) has struggled near the key support level of $144 for the past ten days.
- Solana price prediction indicates that SOL could soar only if it closes a daily candle above the $155 level.
With market uncertainty, Solana price prediction has become a key discussion topic. Traders are analyzing potential movements for the asset in the coming days.
It has been over 10 days since the SOL price has hovered near the key support level of $144. However, during this period, the asset has tried multiple times to rally but has unfortunately failed.
Rise of TVL & Current Price Momentum
At press time, Solana price was trading near $147.80 and had recorded a price decline of over 2.10% in the past 24 hours. Due to ongoing hurdles, participation from traders and investors plummeted during the same period. This resulted in a 35% drop in trading volume.
The price decline and lower trading volume suggest weak bearish momentum. This could be a sign of an upcoming price reversal. This is not the only sign of a potential price reversal for SOL.
The total value locked (TVL) also indicates a bullish signal, which implies a possible reversal of the SOL price. According to data from DefiLlama, Solana’s blockchain garners significant attention from users and developers in the DeFi space.
Solana’s TVL has surged by 24.16% in the past 30 days, making it the top performer among the five largest chains. Bitcoin follows at 15.71%, with BSC rising by 13.43% in the same period.
Record Surge in Solana DEX Volume
According to a blockchain-based transaction tracker, Solana handled $2.816 Billion in DEX transactions in the last 24 hours. This highlighted strong activity within the network.
Solana’s DEX volume reached $20.87 Billion in the past 7 days, nearly doubling Ethereum’s $11.07 Billion. This highlights Solana’s vigorous trading activity compared to Ethereum.
Solana’s rising TVL and DEX volume signal robust DeFi expansion. This growth is drawing in liquidity and increasing user engagement on the network.
Solana Price Action & Technical Analysis
With all these bullish developments, Solana price has held its key support level of $144 for the past 10 days. According to expert technical analysis, Solana’s price prediction for the coming days depends on several factors.
Solana price prediction leans bullish, but it needs to close a daily candle above $154 to confirm upward momentum. A break above this level could trigger further gains.
If this happens, there is a strong possibility it could soar by 17% and reach the $180 level in the coming days. Solana price prediction may turn bearish if it fails to maintain the $143 support level. A daily candle closing below this mark could signal downside momentum.
If this happens, we could see a price decline of 7% until SOL reaches the next support at the $133.50 mark. This shows that the Solana price prediction could only work if it moves above the $154 level or below the $143 level.
Otherwise, it could continue consolidating in the same range until it breaks in either direction. Solana’s Chaikin Money Flow (CMF) indicator is at -0.02, showing intense selling pressure from traders. This negative reading suggests bearish sentiment in the market.