Solana Price Prediction: Is Poised For $130 Surge To $260 March?
Highlights
- Solana's current price stands strong at $111, showcasing a robust rally.
- TVL has notably increased, reaching $2.11 billion, indicating solid growth.
- Bullish trends suggest a potential rise to $130 if momentum sustains.
Solana price prediction: SOL bulls left no stone unturned this week as they embarked on a much larger breakout, peaking above last year’s high of $125. The fifth-largest crypto blasted past $130 but topped out below $135 alongside Bitcoin’s majestic climb to $64,000. Trading at $130 on Friday, March 1, Solana dons a long-term bullish ascent to $260 all-time highs in 2024.
Solana Price Forecast: Eyeing the $130 Milestone After Firm $105 Support
Over the season, Solana has emerged as one of the standout performers in the cryptocurrency market. Despite facing rejection at a horizontal resistance point on February 14, the price of Solana has been relatively stable since the final days of December 2023. This stability has led to a symmetrical triangle pattern on its price chart.
Currently, with a market capitalization of $47.67 billion, Solana stands as the fifth-largest digital currency in terms of market size. Moreover, Solana’s trading volume has experienced an impressive increase, with over 120% rise in the past 24 hours, reaching $3.2 million. This trading activity boost underscores investors’ growing interest and confidence in Solana’s potential.
Total Value Locked Indicates Growing Confidence
Solana’s Total Value Locked (TVL) has shown signs of recovery, aiming to reach its pre-FTX collapse levels. An analysis from DefiLlama highlights Solana’s TVL’s steady rise beginning in October 2023, with notable progress by December 2023.
Starting at a TVL of approximately $350 million, it soared to roughly $1.4 billion by December. However, the TVL has recently slightly receded to about $2.11 billion, indicating a slight gain from its previous day’s momentum.
Amidst a broader cryptocurrency market rally, with Bitcoin surpassing the $56,000 mark, Solana has also seen significant movements. It reclaimed its critical support level at $107, paving the path for future growth.
If current trends persist, Solana could soon approach the $120 level, potentially escalating to $130 with sustained upward momentum. Conversely, a break in this trend might push it down to the $100 support zone, a critical defense against further declines.
Solana Price Technical Indicators Suggest Further Upside
The Chaikin Money Flow (CMF) index indicates a favorable trend with a 0.03 reading. The Moving Average Convergence Divergence (MACD) shows a bullish trend, marked by its ascent above the signal line. This upward trajectory is underscored by a growing green histogram, indicating a rise in purchasing activities.
Furthermore, the daily Relative Strength Index (RSI) hovers just over 50, pointing to a market sentiment that is neutral to slightly optimistic. The positioning of the 20 Exponential Moving Average (EMA) over the 50-EMA further supports the anticipation of future gains, painting a rosy picture of Solana’s market performance.
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