After an incredible price surge last year, SOL‘s price has retreated but later returned above the $100 mark. In the past 24 hours, the price of Solana climbed back to $111 before pulling back. This situation revealed a gain of over 9% within a 24-hour period. The volatile price movements over the past week have paved the way for the price to position itself near the crucial resistance level of $110.
Solana Price Expectations
As at the end of last year, SOL continues to stand out in the cryptocurrency market with its incredible performance this year. Despite facing rejection at a horizontal resistance point on February 14, Solana’s price has been relatively stable since the final days of December 2023.
As of the time of writing, with a market value of $47.67 billion, Solana ranks fifth in terms of market capitalization. On the other hand, Solana’s trading volume has seen an increase of over 36% in the last 24 hours, reaching $2.8 billion. This increase in transactions highlights the interest investors have in Solana.
Reflection of Solana’s TVL
Signs of recovery are emerging in Solana’s Total Value Locked (TVL). This recovery could pave the way for a return to pre-FTX crash levels.
According to DefiLlama, Solana’s TVL has been steadily rising since October 2023, with significant progress noted by December 2023. SOL’s TVL started at around $350 million and reached approximately $1.4 billion by December. Meanwhile, the TVL has recently advanced to approximately $2.11 billion.
Bitcoin‘s rise above the $57,000 level amid a broader cryptocurrency market has also brought significant price movements to Solana. The reclaiming of a critical support level at $107 has fueled optimism among investors.
If the current price movement continues, Solana could soon surpass the $120 level and may progress towards $130 in the ongoing process. Conversely, if there is a downward price movement, the price could fall back to $100.
Outlook on Solana’s Price
The Chaikin Money Flow (CMF) index indicates a positive outlook with a value of 0.05. This upward outlook suggests an increase in buying activities.
Furthermore, the daily Relative Strength Index (RSI) appears to have dropped slightly below 50, but its proximity to neutral still reflects the possibility of a recovery to investors.
