#ChristmasMarketAnalysis
Solana (SOL) continues to show impressive performance despite the sluggish crypto market. 🚀 Solana’s Total Value Locked (TVL) is currently at a 2024 high of 55.37 million SOL! 📈 This shows that despite SOL’s price fluctuations, network activity remains strong.
Rising TVL often indicates long-term optimism and network health. 💪 In the past two days, Solana’s on-chain transaction volume has reached over $3 billion per day, with 67.77 million transactions in the past 24 hours—the highest number in 11 months! 🎉
Although SOL is down 23% from its peak, many believe that now is the time to watch for a potential recovery. 🔄 Currently, SOL’s price is between key Fibonacci retracement levels, and the RSI is close to entering oversold territory. 📊
There are signs of recovery, with selling pressure easing and outflows decreasing. 📉 However, derivatives markets suggest that SOL may not be fully ready to rally again. 🤔
So, while Solana is showing solid network performance, the road to price recovery may still take some time. ⏳ Let’s see how things develop! 🌟
