Solana
Is DeFi TVL Growth Fueling SOL’s Rise Toward $180?
Solana Price Prediction: SOL has seen a price increase in the last 24 hours following the market recovery. At the time of reporting, Solana Price is trading at $137, up 2% in the US section.
According to CoinMarketCap According to the data, Solana’s market capitalization increased by 2%, reaching $63 billion, ranking it 5th. The 24-hour trading volume, however, decreased by 32%, to $2.2 billion, placing it in 6th place.
Solana Price Prediction: SOL Points to Potential Upsurge
Solana has deviated from the broader market downtrend, with consecutive rises seen over the past 48 hours. SOL has maintained positive momentum, positioning itself as a standout crypto asset. However, other altcoins continue to face downtrends.
Over the past week, SOL Price experienced a decline in value. The cryptocurrency is down more than 1% over the past seven days, indicating significant selling pressure.
Despite the price rally, traders in the derivatives market showed a more cautious reaction. Meanwhile, major cryptocurrencies outside of Solana saw minimal fluctuations, with variations remaining below 1%, oscillating between slight gains and losses.
Solana has shown notable resilience despite the prevailing bearish sentiment in the crypto sphere. SOL price has formed a bullish technical pattern known as a “descending wedge.” This pattern is characterized by converging trendlines connecting lower and lower highs, sloping downward in a narrow shape.
The falling wedge pattern generally suggests that even though the asset is consolidating in a downtrend, it is losing its bearish momentum and is potentially preparing for an upside reversal.
DeFi TVL Surge Boosts Solana Ecosystem
According to DeFiLlamaSolana’s network saw a significant increase in its total value locked (TVL), reaching $4.22 billion as of June 26.
Source: Defillama
This increase in TVL reflects growing engagement and trust within the Solana ecosystem, which is highly attractive to users and developers. TVL’s recent growth has been a driver of Solana’s bullish momentum.
If the upward momentum continues to develop, the Solana Price Prediction could break through the crucial resistance level of $150, signaling a potential resurgence of bullish sentiment and aiming for targets around $190. A sustained upward move could pave the way for SOL to soon approach the important resistance mark of $200.
Conversely, increased downward pressure could lead to GROUND pull back to find support initially at $130. Further decline could test the lower support area near $120, potentially indicating a shift towards bearish market sentiment.
Technical Indicators Suggest Short-Term Bearish Sentiment
Solana cryptocurrency daily technical indicators suggest a potential shift in market sentiment. The Moving Average Convergence Divergence (MACD) indicator shows bearish sentiment.
The MACD line is positioned at -7.32, while the signal line is slightly higher at -6.78. The histogram, reflecting the difference between these lines, is negative, indicating potential short-term bearish momentum.
Solana Price Prediction| Source: Tradingview
Meanwhile, the Relative Strength Index (RSI) is at 40, indicating that Solana is in the lower neutral zone. The RSI suggests that the token is neither overbought nor oversold, but is closer to the oversold threshold of 30. This positioning hints at the possibility of a price rebound if buying interest increases.
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