Bitcoin price dropped back to $67,000 after surpassing $70,000 in the last 24 hours. It fell to $66,428 daily, experiencing a rapid loss series after a heavy rise. This happened just hours after Trump’s major promises. So, what is the latest situation for Solana?
Solana (SOL) Price
SOL Coin is hovering at $186 as of the time of writing and remains relatively strong while most cryptocurrencies are significantly declining. SOL Coin may increase its gains in the coming weeks. Solana is strong, and most investors attribute this to the activity in the meme coin sector on the network.
However, as the liquid staking ecosystem on the Solana network grows, so does Solana. The total locked value on the network is over $5 billion and continues to increase. Jito and Marinade grew by 40% and 30%, respectively, in just one month. The increase in the locked value in the protocol significantly contributed to Solana’s TVL growth.
Liquid staking is quite common in the Ethereum network. It is also an attractive area in the Solana network, where you give your SOL Coins and receive SOL’s stablecoin in return. JitoSOL or mSOL are the two most popular ones. In 2024, this area in the Solana network grew more than twofold. Token Terminal shows that Solana’s daily and weekly active user numbers are rising at a similar rate and speed.
In summary, meme coins may not be the only reason for the activity and demand for SOL Coin on the Solana network; liquid staking tokens also significantly contribute to the rise.
How Much Will SOL Coin Be?
After making the strong stance and TVL growth of SOL Coin’s price meaningful, let’s look at the price. The annual peak is at $210, and the price falling below $190 cannot target this resistance for now due to BTC weakness. The double formation targets $202, and the rise should continue up to $210 above this. After the main resistance is surpassed, the journey to a new ATH up to $256 will continue.
The key point that bulls need to protect is $180, and closures below this can bring a drop to $165. Popular options trader Wick believes SOL Coin will lead the general market rally and paints a hopeful picture for the bulls.
“Solana is performing better in the bounce as usual. Now it is in a breakout phase initiating brand new trends.”
