Solana Slides 9% Amid Market Downturn: Here’s Why

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Here Is What Next For SOL As DeFi TVL Explodes – Crypto News

Published

11 months ago

May 31, 2024

Dripp

Solana Price Forecast: The competitive smart contracts token has recently shown a promising trend in the cryptocurrency market, with Solana price trading at $168 indicating a slight increase of 0.59% over the past 24 hours. This positive movement is reflected in its market capitalization, which recently reached $77.23 billion, marking a 0.55% increase.

Solana’s trading volume has experienced a decline of 12.75%, amounting to $2.44 billion. The top five crypto surged by over 2%, signaling a bullish trend in the last week. Meanwhile, it trades between $161 and $173, suggesting a potential uptrend.

Solana Price Forecast: Potential Bullish Breakout

Currently, SOL price is within a symmetrical triangle formation, above the $165 support zone. This tight consolidation is due to equal participation from both bulls and bears, hinting at an imminent significant price movement.

Solana Price Forecast

SOL’s price climbed from $140 to $160, indicating a steady trend in the last 30 days. The altcoin also gained more than 29%, positioning it among the top market gainers. This reflects strong investor confidence in Solana’s potential, suggesting its upward trajectory may continue soon.

According to DeFiLlama, Solana currently boasts a Total Value Locked (TVL) of $4.795 billion. The platform’s stablecoins market capitalization is $3.023 billion, reflecting significant investor confidence in Solana’s ecosystem.

In the past 24 hours, Solana has generated $1.92 million in fees and $958,296 in revenue. Additionally, the trading volume for the same period reached $1.28 billion. These figures underscore Solana’s robust activity and ongoing appeal to users and developers in the decentralized finance (DeFi) space.

Future Price Predictions and Market Sentiment

Solana displays a strong uptrend, suggesting a possible entry into a bullish phase. Breaking the $170 resistance level appears highly likely if this momentum continues. A sustained upward trajectory could see its value approach or even surpass the $200 mark, with the potential to reach $250 soon.

However, if market sentiment shifts, SOL might find support at $160. A downward trend could push the price to $155, indicating a bearish market.

The daily technical analysis of Solana indicates a steady market movement. The Moving Average Convergence Divergence (MACD) shows a bullish trend, with the MACD line (blue) at 4.13, crossing above the signal line (orange) at 5.03. The histogram shows minor positive bars, reflecting increasing buying momentum.

Solana Price Forecast: Is $200 Achievable with Current Bullish Trends and TVL Growth? — Solana Price Forecast| Source: Tradingview

The Average Directional Index (ADX) stands at 14.97. This low ADX value suggests the current trend lacks strong momentum, implying potential sideways movement in the near term. The Relative Strength Index (RSI), currently at 53.64, suggests that SOL is in neutral territory, indicating potential caution for traders.