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Solana (SOL) price has embarked on an impressive upward journey, showcasing a strong uptrend. In the last 24 hours, the altcoin has risen above the critical level of $190 following a series of corrections in recent days. Solana is currently trading at $190.82, marking an impressive 9% increase within a single day.
Cryptocurrency Market Recovery
Despite a previous general market downturn, Solana has exhibited steady performance, which may indicate strong recovery potential in the near term. This resilience is reflected in the broader cryptocurrency market’s recovery, with Bitcoin prices rising over $66,000 by 5% and Ethereum climbing above $3,500. These gains have sparked a wave of positive momentum across various cryptocurrencies.
With a market value of $83.28 billion, Solana stands as the fifth-largest cryptocurrency by market capitalization. The altcoin’s position underscores its significant role in the cryptocurrency ecosystem. However, there has been a downturn in the currency’s activities, with a 15% decrease in volume over the last 24 hours, totaling $7.3 billion. Over the past week, Solana has achieved a 12% increase. Last month’s 81% surge points to a strong uptrend. The trading range was quite stable between $160 and $208, which could indicate a consistent growth pattern.
Solana Targets $250 Milestone
Solana is nearing the critical $200 level, and market dynamics could indicate a potential breakout. Surpassing the $210 resistance level could initiate a new phase of the uptrend, potentially pushing the price towards $250. A reversal of the trend could pull the SOL price down to the $160 support level. A bear market could see prices drop even further to $140, indicating a potential decline. Additionally, the rising narrative for Solana is supported by an increase in decentralized finance (DeFi) total value locked (TVL), which has reached $4.17 billion according to DefiLlama. This increase in TVL could mean fewer SOL tokens in circulation, significantly reducing sell-side pressure.
