Can Solana Price Post a 2021-Like Bull Run?
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The SOL/ETH currency pair traded within a tight range as liquidity woes challenge global markets, including crypto. With investors anticipating a series of interest rate cuts in the United States starting in September, Solana price may surge ahead of other cryptocurrencies, potentially reaching $200.
SOL/ETH Price Market Movers: Rising DeFi TVL and And Whale Buying Spree
Solana price collected liquidity at $140 this week, paving the way for a reversal to $145 as the protocol’s decentralized finance (DeFi) ecosystem made a comeback in the total value locked (TVL).
According to DeFi Llama, the value locked in smart in the protocol’s smart contracts has surged to $4.98 billion from the early August crash to $3.8 billion. An increase in this metric is often viewed as a bullish signal for reducing the potential selling pressure.
Investors show confidence in the asset, committing their holdings to secure the protocol and earn rewards.
On the other hand, ETH price quickly swung towards $2,700, but due to shrinking liquidity and a slow uptake of Ether ETFs, a correction occurred to $2,664.
This sluggish movement in ETH price may soon be over if whales keep up their risk appetite for ETH.
Based on Santiment, holders of between 1,000 and 10,000 ETH account for 35.13% of the total supply, up from 34.77% on August 1. Those addresses with between 10 million and 100 million ETH focused on the recent crash, increasing their holdings to 10% from 9.67% in the same period.
The SOL/USD currency pair sits above crucial support provided by the 200-day Exponential Moving Average (EMA) and the lower end of the Bollinger bands.
