Solana (SOL) has captured an upward trend in its transaction performance over the past month, which could indicate investors’ inclination towards a bullish trend. Solana’s price has formed consecutive declining candlesticks weekly but managed to close above the $100 level. In the last 24-hour trading period, Solana’s price increased by 2%, raising the price to $104.
Weekly Charts for SOL
When considering the weekly charts, SOL’s price trajectory shows a recovery from a low point of $79 in January. The following weeks saw the formation of rising candlesticks, and the price climbed to $119. Currently, Solana holds a strong market value of $45 billion, ranking it as the fifth-largest cryptocurrency by market size.
However, there has been a slight decrease of 8% in trading volume within the last day, which reached $2 million. Experts find the direction of the trend uncertain in the daily timeframe due to mixed price movements. SOL has been trading within a symmetrical triangle since reaching its peak in 2023. This pattern is generally seen as neutral and could indicate that future price movements may break upward or downward.
Analytics Reports on SOL
SOL’s market outlook for February 2024 could present a positive trend with the cryptocurrency indicating an upward trajectory. However, SOL experienced a decline exceeding 9% last week. Solana’s price fluctuated from $114 to $103, initially reaching the resistance level of $114 before falling to the support level of $103. The crypto community’s focus has largely been on Solana (SOL) Total Value Locked (TVL), especially in light of recovery efforts following the FTX events.
Data from DefiLlama suggests a steady increase in Solana’s TVL since October 2023, with a significant breakthrough in December, recording a TVL of approximately $2.069 billion, reaching the highest level in over a year. However, the recent drop in TVL to around $1.9 billion could indicate challenges in sustaining the growth momentum previously witnessed. This fluctuation in TVL is very important in assessing Solana’s enduring appeal and stability as a decentralized finance (DeFi) platform.
