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Solana has been on an unstoppable rally over the last weekend with the SOL price reaching closer to $25. At press time, the Solana price is up by another 15% in the last 24 hours trading at $24.30 levels. With the recent price rally, Solana has toppled Dogecoin and Cardano to become the seventh-largest cryptocurrency by market cap.
Let’s take a look at some of the key levels to watch for Solana going ahead, based on the technical chart indicators. SOL exhibited a steady ascent, surpassing the $23.20 resistance and outperforming Bitcoin and Ethereum with a remarkable 15% increase. It approached a critical test at the $24.50 resistance, reaching a high point around $24.47 before entering a consolidation phase. SOL price maintains a strong position, well above the 23.6% Fibonacci retracement level derived from the upward swing between the $18.75 low and $24.47 high.
Looking ahead, immediate resistance is situated near $24.50, followed by a more substantial barrier at $25.00. A decisive breach above the $25 resistance could propel the price toward the $27.20 resistance, with the subsequent key hurdle found near $28.80. Further gains might potentially drive the price to the $30 level.
However, should SOL fail to establish a foothold above $24.50 and $25.00, it may initiate a corrective move. Initial support on the downside resides near the $23.20 level and the associated trendline.
The first major support is approximately at the $21.50 level, which corresponds to the 50% Fibonacci retracement level calculated from the upward movement spanning from the $18.75 low to the $24.47 high. In the event of a close below the $21.50 support, the price could experience a descent towards the $20.50 support level. In such a scenario, there’s a potential risk of further declines toward the $20.00 support level in the near term.
Solana DeFi TVL At 2023 Highs
As the SOL price rallies, Solana has also been showing strong growth in the DeFi market. The total value locked on the Solana blockchain has surged to its new 2023 high of $338.82 million.
As of October 2, SOL’s Total Value Locked (TVL) recorded a 24-hour rise of approximately 4.15%, surging from $324.64 million to $338.82 million.
Throughout the year 2023, SOL’s TVL has demonstrated significant growth, registering an impressive increase of around 38% since January 1, when it stood at $210.47 million.
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