Solana ($SOL SOL) has experienced a slight pullback in price recently, trading at $184.50, down 2.5% on the day, with a market cap of $88.5 billion and daily trading volume of $3.6 billion. However, with Bitcoin fluctuating between $90k and $100k this week, overall market volatility remains subdued, allowing Solana and other major cryptocurrencies to pause their corrections. Despite the market's recent consolidation, Solana's price staying above key support levels suggests a possible recovery, hinting at a positive outlook for the asset.

Notably, Solana’s Total Value Locked (TVL) and open interest are showing encouraging signs of growth, signaling increasing adoption and investor confidence in the network. Data from Coinglass reveals that $SOL SOL's open interest has risen by 13%, from $4.38 billion to $4.96 billion over the past week. This uptick in open interest reflects heightened trader activity and growing trust in Solana’s price fluctuations. Similarly, Solana’s TVL has increased by 7%, from $8.06 billion to $8.67 billion, indicating confidence in Solana's decentralized finance (DeFi) ecosystem as more users engage with staking, lending, and liquidity provision.

Despite this positive sentiment, Solana has faced a 30% drop from its recent high of $264, currently finding support near $175. This level is significant, aligning with the 50% Fibonacci retracement, the 50-day Exponential Moving Average (EMA), and a developing support trendline. The $175 support level represents a crucial area where buyers may step in to reverse the downward trend. . If Solana can break above the downsloping trendline, a 7.8% increase could be in the cards, paving the way for a possible price surge beyond the $300 mark.

In summary, while Solana's recent drop has caused concern, the rising TVL and open interest, along with critical support levels holding firm, indicate that the cryptocurrency could be poised for a recovery. A successful breakout from the downtrend would not only restore bullish sentiment but could also drive Solana’s price to new highs, potentially reaching the $300

mark.

$SOL

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