The Solana ecosystem witnessed positive developments, with its Total Value Locked (TVL) surging to highs not seen since June 2023. According to data from DeFiLlama, both Solana's TVL and trading volume saw substantial increases, highlighting the growing interest and activity within its network.
Applying Fibonacci retracement levels to SOL price action reveals critical support points that could play an important role in the near term. The 61.8 percent retracement level at US$94.16 emerged as a potential support zone, with the possibility of serving as a springboard for SOL price if it declines further.
Below this, the 78.6 per cent level at US$87.49 was identified as another area of interest, particularly for long-term investors looking for an entry point.
Analysts project that a retest of this level may be followed by a rally towards the 61.8 percent extension level at US$143, with the psychological limit of US$150 also in view for a retest.
Such a rebound would not only signal a reversal of the recent bearish trend, but also revive optimism among SOL investors. #Write2Earn #Solana2024