In the last 24 hours, Solana (SOL) price increased by 1.88% due to the overall market rally. This rise enabled SOL buyers to reclaim the 200-day moving average, reinforcing the current uptrend. With the bullish chart formation forming and the increase in network revenues, this tier-1 cryptocurrency has further recovery potential.
Analysts Stated Solana Targeted $1000
Recent analysis from crypto trader KongTrading suggests that Solana (SOL) price could experience a significant breakout if it breaks the current wedge formation to the upside. The chart shows two converging trend lines that have served as dynamic resistance and support for SOL price since March 2024.
“Once this wedge in SOL price breaks to the upside, there will be no tomorrow without $1000”
TVL Increase Strengthens Optimism for Solana
Solana price prediction daily chart shows that it has been trending sideways for the last seven months. Lower highs and higher lows indicate that there is no clear dominance between buyers or sellers, while the network’s Total Value Locked (TVL) increase suggests a positive outlook.
According to DeFiLlama data, Solana’s TVL showed a gradual but sustainable improvement from $3.46 billion in April to $5.43 billion, recording a growth of 57%. This increase reflects renewed trust in the Solana ecosystem and more liquidity being locked into decentralized finance (DeFi) protocols.
Geopolitical Developments May Affect Solana
As reported in the press, the SOL price was at $143 at the relevant time and its market capitalization remained at $67.18 billion. If geopolitical tensions in the Middle East ease, this altcoin has the potential to rise as much as 28% to the wedge resistance at $183. This move could strengthen bullish sentiment by allowing the daily exponential moving averages (20, 50, 100 and 200) to be regained. These EMAs also offer suitable pullback support during market declines.
Conversely, if the overall market correction continues, Solana price is likely to test the $120 level, resulting in a potential loss of 15%.
Considering current market conditions and technical analysis, Solana offers potential opportunities for investors but also carries risks. The increase in the TVL of the network increases confidence in the ecosystem, while technical indicators support a possible rise. However, global market dynamics and geopolitical developments may be decisive in SOL’s price movements.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
