Solana Price Forecast as TVL Soars: Is $200 the Next Milestone?

Solana has seen a notable surge over the past 24-hour period following the market rebound. According to the current Solana price forecast, the altcoin has climbed above the $150 support level as bulls eye more gains, indicating strong investor confidence. 

Solana price is currently at $153 during European trading hours, making a surge of 6%. According to data from CoinMarketCap, the current market capitalization stands at approximately $71 billion, making it the fifth-largest cryptocurrency. The trading volume also saw a notable increase, up 28% at just over $2 billion. 

Solana Price Forecast: Can the Current Momentum Sustain SOL Above $150?

Over the past week, Solana has experienced a significant surge of 10.40% following the recent market recovery. The cryptocurrency has been trading in a range bound between $134 and $153, showing substantial fluctuations within this period. This uptick marks a robust performance amidst a broader stabilization in the crypto market.

Bulls have struggled to maintain upward momentum since the SOL price hit a monthly low of $123, with buying and selling pressures closely matched.

According to data from DeFiLlama, Solana is currently experiencing a bullish trend in the cryptocurrency market. The Total Value Locked (TVL) in the network has reached an impressive $4.707 billion. This indicates strong investor confidence and substantial capital inflow into Solana’s decentralized finance (DeFi) protocols.

In addition, the market capitalization for stablecoins on Solana stands at $3.4 billion, highlighting its significant role in the DeFi sector. Over the past 24 hours, the network has generated fees totaling $1.68 million and revenue of $839 million, which further underscores its growing financial activity.

How Critical is the $160 Resistance Level for SOL?

With the current bullish trend gaining momentum, there’s potential for Solana price prediction to surpass the critical $160 resistance level. This breakthrough could signal a renewed bullish outlook, targeting prices near $190. If the upward trajectory holds, Solana price forecast might even challenge the significant $200 barrier.

On the flip side, increased selling pressure could push Solana down to an initial support level of $130. A further dip could test stability around the $120 zone, hinting at a potential turn towards bearish market conditions.

Technical Indicators Point to a Strong Bullish Trend

The technical indicators for Solana reveal a recent uptrend in price, as observed on the 4-hour chart. The Chaikin Money Flow (CMF) indicator sharply rose, indicating a potential increase in buying pressure.

The Awesome Oscillator (AO) shifted from red to green bars, suggesting a positive momentum in recent trading sessions. This combination of indicators might signal a bullish sentiment among investors as Solana shows signs of recovery from its previous declines.

The Relative Strength Index (RSI) has surged to 77, signaling a strong buying momentum after approaching the overbought territory, which typically suggests a potential for a market correction or pullback. The Moving Average Convergence Divergence (MACD) indicator exhibits an upward trend, with the MACD line crossing above the signal line, reinforcing the bullish sentiment among traders.