Since peaking on March 17th, the number of Solana unique users has held above the 800,000 mark. The increase in community engagement is having a positive effect on SOL's price.
The number of daily trades on the DEX also remains consistently high, indicating the continued interest of traders in the ecosystem.
Two weeks ago, the total value of assets locked in Solana's DeFi protocols crossed the $4 billion mark for the first time since April 2022.
This important indicator is the most important indicator of the overall state of the ecosystem and the degree of user engagement. The recent rise in TVL indicates a resurgence of investor confidence and sustained interest in SOL. However, the indicator is still far from the peak value of $10 billion.
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SOL Potential Price Forecast:
The 4-hour SOL price chart shows that the 20 EMA line is poised to dip below the 50 EMA line. This usually signals a move into a bearish momentum or consolidation phase where the asset's price stabilizes as buyers and sellers balance.
If the price of the altcoin starts to correct, it may test the support around $167, if this level is not supported, then it will go down to $137. However, if the bullish momentum resumes, the consolidation could serve as a springboard to allow SOL to reach its previous all-time high of $259.97.
