Following a significant increase in the previous year, Solana‘s (SOL) value dipped but has recently regained strength, surpassing the $100 threshold. Within a single day, the digital currency experienced a 9% hike, reaching $111 before witnessing a slight decline. This recent ascent positions the cryptocurrency close to the pivotal $110 resistance level, showcasing its potential for further growth.
Robust Market Capitalization and Trading Volume
Despite some resistance encountered mid-February, SOL’s price demonstrates remarkable stability since late December 2023. Currently, with a market capitalization of $47.67 billion, Solana holds the fifth rank in the crypto market space. Its trading volume has surged by over 36% in 24 hours, totaling around $2.8 billion, which signals growing investor attention.
Solana’s Total Value Locked Shows Resilience
Solana’s Total Value Locked (TVL) indicates a rebound, suggesting the possibility of reaching values seen before the FTX collapse. From an initial $350 million, SOL’s TVL has increased significantly, standing at approximately $2.11 billion, reflecting the ecosystem’s recuperation and investor confidence.
The broader cryptocurrency market’s bullish trend, with Bitcoin surpassing $57,000, has also positively affected Solana’s price. The currency’s reclamation of the $107 support level has generated optimism for future valuation increases.
Should the present trend endure, Solana could break through the $120 mark and potentially approach $130. However, a reversal could see its price retreat to the $100 level.
Positive Indicators for Solana’s Future
The Chaikin Money Flow (CMF) index currently stands at 0.05, hinting at a bullish sentiment and increased purchasing activities. Additionally, the daily Relative Strength Index (RSI) remains near the neutral 50 mark, suggesting room for recovery and buoying investor outlook.