Solana‘s (SOL) value has taken a notable leap, escalating above the significant $190 mark, representing a 9% increase in just 24 hours. This rise is significant, given recent price corrections, with the cryptocurrency now trading at $190.82.
Signs of Market Resilience
In contrast to previous market slumps, Solana has shown notable stability and hints at a potential rapid market recovery. This positive turn is mirrored in the wider crypto market where Bitcoin has surged past $66,000 with a 5% increase and Ethereum has ascended above $3,500. These developments have injected a wave of optimism across the sector.
Despite a 15% drop in trading volume, reaching $7.3 billion in the last 24 hours, Solana’s market value of $83.28 billion ranks it as the fifth-largest cryptocurrency. In the last seven days, SOL has grown by 12%, while the past month’s 81% hike suggests a solid upward trend. The stable trading range between $160 and $208 may signal a consistent growth trajectory.
Aiming for Higher Targets
Advancing towards the pivotal $200 benchmark, Solana displays potential for a significant breakout. If it crosses the $210 resistance, the asset might strive for the $250 target. Conversely, if the trend reverses, SOL could dip to a $160 support level, with further declines potentially reaching $140. Moreover, the increasing DeFi total value locked, now at $4.17 billion as reported by DefiLlama, suggests a decrease in SOL tokens available for sale, possibly easing selling pressure.