Over the past week, the Ethereum Layer-1 competitor Solana has registered healthy gains rallying by nearly 25% and surging all the way past $170. Analysts are bullish regarding the SOL price movement expected to continue to the north moving into this weekend.
As per on-chain data provider Santiment, the Solana price is up by a strong 33% since the 4th of July. This upward trend is attributed to prevailing skepticism among the crowd towards SOL.
Despite this rally, Santiment suggests that the investor sentiment hasn’t reached the FOMO level yet. Thus, it notes that until the current FOMO replaces the FUD, the SOL price rally to $200 can continue.
As we can see in the image above the recent SOL gains come after making a double-bottom formation. Currently, the immediate resistance for the altcoin is at $175. Thus, a breakout above this level would set the stage for the next Solana rally to $200 and beyond.
Interestingly, the recent rally has been fueled by ETF speculations around the corner along with a strong boost in the DeFi total-value-locked (TVL).
As per the data from DeFiLlama, SOL’s total value locked has reached a substantial $5.10 billion. Furthermore, the total market cap of all the stablecoins on the Solana blockchain is currently at $3.268 billion.
Moreover, in the last 24 hours, the network fee has reached $1.7 million, and revenue has crossed $838,973. These metrics underscore the increasing utility and economic activity within the ecosystem.
Also Read: Ethereum ETF Launch Doesn’t Guarantee Solana ETF Approval
Interestingly, the SOL price sets up a flag and bull pattern for a multi-year charge. If SOL manages a breakout to $200, it could set the stage for the next mega rally to $1400, which would be a staggering 600% gain from the current level.
The bull flag nobody is talking about! #Solana $SOL pic.twitter.com/PoX8zpz5HH
— Ali (@ali_charts) July 18, 2024
In another development, the Solana Foundation has announced a new grant program for SOL Actions and Blinks Tooling, aimed at developers. The grant, now open for proposals, offers up to $400,000 in total funding for innovative developer projects.
Also Read: SOL ETF Hype Keeps Rising
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