SOL's recent rise could signal a crucial moment for it to break through the $150 mark, with Solana network activity playing a key role. Since August, SOL has been on a downward trend, largely due to decreased network usage. However, SOL now seems to be bouncing back. After facing selling pressure, it started to recover in mid-September. While the Fed's interest rate cuts could impact the market, the overall trend suggests recovery.
The next major target for SOL is around $150, as its price has struggled to go beyond this level during its decline. Currently, SOL has risen by 11%, and its relative strength index (RSI) is above 50%, indicating bullish momentum. Liquidity from the rate cuts could help push SOL towards or even above $200 in the coming weeks, especially if DeFi activity on the Solana network picks up again.
However, the recent slowdown in Solana's network has raised some concerns. Its total locked value (TVL) dropped to $4.66 billion after peaking at $5.48 billion in August, but has since rebounded to $4.92 billion, suggesting a return in market confidence. Additionally, stablecoin market value and trading volume were impacted, with volumes falling below $500 million in August but recovering since early September.
In summary, a revival in Solana network activity could boost demand for SOL and help drive its price higher.#Write2Earn! #solonapumping #Write2Earn! #Solana_Blockchain #Write2Earn!
