Solana is showing strong performance, with its Total Value Locked (TVL) reaching a two-year high, and daily DEX volumes exceeding $2.4 billion. While bullish technical patterns suggest a rise towards $300, recent large token sales indicate the potential for short-term sell-offs.
Analysts Expect Solana Price to Reach $300
The SOL price chart offers clues to a potential upward movement. Analysts from CryptoExpertPro highlight three key patterns: the formation of a bull flag, a large cup and handle pattern, and decreasing volatility within the current price range.
According to the analyst, these combined technical signals could push Solana’s price to at least $300 to $400. Supporting this bullish outlook, Solana’s Total Value Locked (TVL) has risen to $6.433 billion, the highest amount since January 2022, contributing to positive market sentiment. The TVL increase stems from growing activity in the Solana ecosystem, as DeFi products continue to gain popularity.
Solana’s DeFi network is further strengthened by a stablecoin market cap of $3.585 billion and 7.61 million active addresses within the first 24 hours. With daily inflows of $808,654 and trading volume of $2.351 billion, this signals growing confidence in the platform. This increased user engagement could support Solana’s rise from the bull flag formation.
Could Large Token Sales Weigh on Solana?
While Solana displays a bullish sentiment, recent waves of token sales have raised concerns about their impact on SOL’s price. In recent weeks, a meme coin project built on Solana called Pump Fun has been actively selling large amounts of SOL. In total, 54,409 SOL have been sold, amounting to approximately $9.09 million.
These sales have sparked speculation about whether they are creating short-term price pressure on Solana, particularly during a time when extensive token sales could temporarily affect price movements.
SOL’s price has risen by 0.9% over the past 24 hours, but it’s down by 1.1% on an hourly scale, suggesting the market remains uncertain about the impact of these token sales.
Solana Leads With $2.4 Billion in DEX Volume
Decentralized exchange (DEX) activity on Solana remains dominant, with $2.431 billion in 24-hour trading volume, surpassing all other blockchains. This places Solana ahead of Ethereum, which had $1.482 billion in volume, and Base with $1.101 billion.
This rise in DEX volume highlights the growing demand for the Solana ecosystem, fueling optimism that the price of its network’s token will continue to rise.
Technical Analysis: SOL Price Eyes $200
SOL’s price has strong support at $164. If this support holds, Solana could rally toward $200, the next major resistance zone. However, if the $164 support fails, Solana’s bullish trend may pause until the $150 support level is tested in the near future.
Currently, the relative strength index (#RSI ) is at 66.58, indicating positive momentum, though it is nearing the overbought area, which suggests potential consolidation soon. MACD lines are above the signal lines, signaling an upward trend that could lead to further gains.
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