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Solana (SOL) experienced an unstoppable rise last weekend, approaching a price of $25. After this surge, the popular altcoin is currently trading at $24.17, with a 11.68% increase in the last 24 hours. With this recent price surge, Solana surpassed Dogecoin (DOGE) and Cardano (ADA) to become the seventh largest cryptocurrency by market value.
Solana’s Strong Surge: Beloved Altcoin Project SOL
Following the steady rise in SOL’s price, it outperformed Bitcoin (BTC) and Ethereum (ETH) by surpassing the $23.20 resistance. Before entering the consolidation phase, SOL reached its recent peak around $24.47, and is now approaching the $24.50 resistance level. The altcoin’s price is in a strong position, well above the 23.6% Fibonacci correction level obtained from the upward movement between the recent low of $18.75 and the peak level of $24.47.
From a technical perspective, the closest resistance level is around $24.50, followed by a more significant resistance at $25. A decisive breakthrough above the $25 resistance could push the price towards the $27.20 resistance, with the next key obstacle located around $28.80. If the upward momentum continues, the price could potentially reach the $30 level.
On the other hand, if SOL fails to find support above the $24.50 and $25 levels, it could reverse its direction. The first support in the downward direction is around the $23.20 level and the corresponding trend line.
The initial major support corresponds to the $21.50 level, which represents the 50% Fibonacci retracement level calculated from the upward movement between the recent low of $18.75 and the peak level of $24.47. If there is a candlestick closure below the $21.50 level, the price could fall towards the $20.50 support. In such a scenario, there is a greater risk of further decline towards the short-term support level at $20.
Solana’s TVL at Its Highest Level in 2023
While SOL’s price is rising, Solana is also experiencing strong growth in the decentralized finance (DeFi) market. The total value locked (TVL) in assets on the Solana Blockchain has reached its highest level in 2023, standing at $338.82 million.
As of October 2nd, Solana’s TVL increased by approximately 4.15% within a 24-hour period, rising from $324.64 million to $338.82 million. Overall, Solana’s TVL has shown significant growth throughout 2023. It has increased by approximately 38% since the beginning of the year, when it was $210.47 million.
