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In the last 24 hours, Solana 
$164 (SOL) price experienced a 1.88% increase due to a general market rally. This rise has allowed SOL buyers to regain the 200-day moving average, thereby strengthening the current upward trend. With the emergence of bullish chart formations and an increase in network revenues, this layer-1 cryptocurrency shows potential for further recovery.
Traders Indicate Solana Targets $1000
A recent analysis by KongTrading, a cryptocurrency trader, suggests that if Solana (SOL) price breaks upward from its current wedge formation, a significant breakout could occur. The chart indicates two converging trend lines that have acted as dynamic resistance and support for SOL’s price since March 2024.
“When this wedge in SOL price breaks upward, tomorrow will not pass without $1000.”
TVL Increase Strengthens Optimism for Solana
The Solana price prediction daily chart indicates a sideways trend over the past seven months. The lower highs and higher lows signify a lack of clear dominance between buyers and sellers, while the increase in Total Value Locked (TVL) presents a positive outlook.
According to DeFiLlama data, Solana’s TVL has shown a gradual yet sustainable improvement from $3.46 billion in April to $5.43 billion, marking a 57% growth. This increase reflects a resurgence of confidence in the Solana ecosystem and a rise in liquidity locked in decentralized finance (DeFi) protocols.
Geopolitical Developments May Affect Solana
As reported, the SOL price currently hovers around $143, with a market cap of $67.18 billion. Should geopolitical tensions in the Middle East ease, this altcoin has the potential to rise up to 28% towards the wedge resistance at $183. This movement could strengthen bullish market sentiment by regaining daily exponential moving averages (20, 50, 100, and 200). These EMAs also provide suitable pullback support during market downturns.
Conversely, if a general market correction continues, it is possible that Solana price could test the $120 level, resulting in a potential loss of 15%. Considering the current market conditions and technical analyses, Solana presents potential opportunities for traders while also harboring risks. The increase in the network’s TVL boosts trust in the ecosystem, while technical indicators support a possible rise. However, global market dynamics and geopolitical developments may prove decisive in SOL’s price movements.
