The price of Bitcoin continues to move horizontally stubbornly, but it is positive that it consolidates support at higher levels. What is the current situation on Solana, one of the largest smart contract platforms? Today, we are examining Solana, the star altcoin of 2021, which was once seen as a target of $500 on FTX.
The most important value indicator for a smart contract platform is TVL, which is the cumulative amount of locked cryptocurrencies in the network. In April 2022, Solana’s TVL was over $4 billion. Now, it has reached $580 million after hitting a bottom of $250 million. Although it reached $600 million on November 16, 2023, there is still a lot that FTX has taken from Solana’s ecosystem.
Many P2E, NFT, and DeFi initiatives have fled to rival networks. Many more have gone bankrupt, causing the community to suffer massive losses. Initiatives that are struggling to launch their own products with limited cash are now silent in their Discord channels. And of course, the morale of investors whose balances have been reset is greatly affected.
The total locked value (TVL) in the crypto ecosystem is around $45.7 billion. Ethereum has $24 billion and Arbitrum has $2 billion, while Avalanche has $646 million TVL. Looking at all this, we can see that Solana is not currently in a very good position. We should take action to revive the community somehow and see that TVL is rising again and interesting applications are operating on the network.
So what does the current price analysis tell us about SOL Coin? At the time of writing, the price was $59.91. The rally that started on October 15, starting from $22, allowed the price to increase by more than 3 times. On the weekly chart, the critical level is $58.4, and it must be maintained as support for the upward movement.
If a new and strong rally starts at $66, it is expected to continue up to the $77-78 range. The next target is the $96 level, followed by the $143 peak. With the support of GSOL, the institutional demand story, and the 2024 vision, it would not be surprising for the price to rise to levels near $78 or even $90. However, for targets above $100 to be achieved, Solana’s network must return to its former active days and its TVL must exceed $1 billion again.