Solana Price Analysis $300 Recovery During TVL spike

Bitcoin oscillates between $100k and $90k this week, dampening market volatility. Most major cryptocurrencies, including SOL, have paused their corrections due to this consolidation. Solana's price above critical support suggests an optimistic comeback.

According to Coingecko, SOL is trading at $184.5, down 2.5% intraday. The asset market cap is $88.5 billion, and 24-hour trading is $3.6 billion.

Key Highlights:

Solana's TVL and open interest are rising again, indicating growing adoption and investor confidence.

A downsloping trendline causes Solana price correction.
The 200-day Exponential moving average presents a strong accumulation zone, and the $175 support matches the 50% Fibonacci retracement level.

TVL and Open Interest Rise, Reviving SOL
Coinglass data shows SOL futures open interest rising 13% from $4.38 to $4.96 since previous week. Open interest is the number of unresolved derivative contracts.

Trader activity and trust in SOL's price fluctuations improve with open interest.


Open Interest SOL Futures | Coinglass
Solana's TVL rose 7% from $8.06 to $8.67 Billion. Increasing TVL shows confidence in Solana's DeFi systems, implying more users are staking, lending, or providing liquidity.

Solana Price Drops Below Key Support
Solana has fallen 30% from $264 to $183 in just a month. The retreat is seeking support around $175, a horizontal with 50% FIB, 50-day EMA, and a developing support trendline.

This makes it appealing to purchasers to regain bullish momentum and reverse prices. According to the daily chart, SOL has used the support trendline as pullback support since mid-September.

Reversals might push the price 7.8% before a significant breach from the downsloping trendline. A good breakthrough will boost bullying pressure to rise beyond $300.

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