Solana Price: Will SOL Price Hit $200 Soon?

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Can Solana (SOL) Price Reach $500 In April As TVL Tops $4 Billion? – Crypto News

Published

1 year ago

March 21, 2024

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Solana (SOL) price has embarked on an impressive upward journey, demonstrating a powerful bullish trend on its price chart. In the past 24 hours, this altcoin has seen its value rise above the critical resistance level of $190, following a series of corrections in recent days. The Solana price is trading at $190.82, marking an impressive 9% increase within a single day.

Solana (SOL) Price Prediction: Eyeing the $200 Milestone

Despite a general market downturn earlier, Solana has maintained a steady performance, hinting at a strong potential for a near-term rebound. This resilience is mirrored in the broader crypto market’s recovery, led by a 5% increase in Bitcoin’s price, now above $66,000, and Ethereum’s climb over the $3,500 mark. These gains have ignited a wave of positive momentum across various cryptocurrencies.

Solana (SOL) Price

Currently, Solana stands as the fifth-largest cryptocurrency by market capitalization, boasting a value of $83.28 billion. This position underscores its significant role in the digital currency ecosystem. However, the coin has experienced a decrease in trading activity, with a 15% drop in volume over the last 24 hours, totaling $7.3 billion.

Over the last week, Solana has enjoyed a 12% increase, with an 81% surge over the past month, indicating a strong bullish trend. The trading range has been notably stable between $160 and $208, pointing to a consistent growth pattern.

Market Dynamics Propel Solana Price Forward

The introduction of Dragon-themed SMOG, a new entrant in Solana’s meme coin arena, has contributed to the recent price surge, following the success of predecessors like BONK, WIF, and MYRO.

As Solana inches closer to the significant $200 mark, market dynamics suggest a potential breakout. A rally past the $210 resistance level could usher in a new phase of bullish activity, potentially pushing the price toward $250.

A trend reversal could pull the SOL price down to the $160 support level. A bearish market could see prices dropping even further to $140, indicating a potential downturn.

Also backing the bullish narrative in Solana is the soaring decentralized finance (DeFi) total value locked (TVL), which, according to data from Defi Llama, has peaked at $4.17 billion. This spike in TVL implies that there are fewer SOL tokens in circulation, thereby significantly reducing sell-side pressure.

Long-term interest in SOL is also on an uptrend, buoyed by the spike in staking activity. With this in mind, Solana’s price could persistently shape the rally to hit $500 before the end of April.

Solana Technical Indicators and Future Trajectory

Technical indicators reinforce the bullish sentiment, with the Chaikin Money Flow index at 0.03, suggesting positive market trends. The Moving Average Convergence Divergence (MACD) also shows a bullish pattern, with the MACD line moving above the signal line.

Can Solana (SOL) Price Reach $500 In April As TVL Tops $4 Billion? — Solana (SOL) Price| Source: Tradingview

The Relative Strength Index (RSI) stands just above 60, pointing to an optimistic market. The positioning of the 20 Exponential Moving Average above the 50-EMA further supports the anticipation of upcoming gains.