#sol

Solana (SOL) Breaks Above $100 but Expert Believes There’s More Room for GainsSolana (SOL), the fifth-largest cryptocurrency, surged past $100, recovering from a previous drop caused by a five-hour outage on its network. Despite the criticism post-outage, SOL bulls managed to push the coin to $105, marking a 5% increase in seven days.SOL and Cardano (ADA) are now two of the top-performing coins this week, with most such holders in the green.Following the surge, renowned pseudonymous trader and analyst Wick (ZeroHedge on X) has hinted at potential further gains for SOL. Observing its recent price movements, Wick noted similarities in chart patterns reminiscent of those observed in October and December, preceding substantial market shifts.“Solana is showing signs of a shaded squeeze area. This typically indicates a forthcoming significant movement.”$SOLSolana printing a shaded squeeze area. This usually warns up of an extreme move incoming!This is max pain move on Solana as everyone put on shorts while the chain was down. I tried to warn everyone to stay bullishLFG pic.twitter.com/bFGS70GxVg— Wick (@ZeroHedge_) February 8, 2024Solana’s TVL Nearly Crosses The $1.8BAnother possible reason why SOL has pumped is its thriving ecosystem, with most of the attention focused on the decentralized exchange Jupiter (JUP).The exchange led to some of Solana’s most successful airdrops, attracting a considerable number of users and capital to the network. For instance, the protocol launched a three-day airdrop for the WEN token, in which 600,000 wallets participated. The success of the WEN airdrop served as a blueprint for Jupiter’s next strategy, the JUP token airdrop, launched on January 31, in which $700 million worth of coins were distributed to approximately 900,000 wallet addresses.All in all, Solana’s TVL is at $1.74 billion at press time, according to DefiLlama.