The price of Solana is struggling to stay above $130, reflecting the general uncertainty in the market. Over the past 30 days, SOL has fallen in price by almost 36%, indicating constant pressure from sellers. The question of further price movement remains open, as the factors influencing the exchange rate give ambiguous signals.
TVL status: A signal for caution
The total value of Solana Locked (TVL) currently stands at $6.72 billion, according to DeFiLlama. Since February 23, TVL has failed to break the $10 billion mark, which indicates a weak inflow of capital into the Solana ecosystem of decentralized finance (DeFi). Although the maximum figure has reached $14.24 billion since the beginning of the year, a steady decline followed. This reflects the caution of investors and their restraint regarding the further expansion of positions in the Solana network.
Whale activity: signs of recovery?
Glassnode data shows that the number of Solana whales owning at least 10,000 SOLS has increased slightly, from 5,008 to 5,031 in just two days. However, this figure remains below the peak on March 3, when there were 5,053 such addresses. A slight increase in the number of large holders may indicate a gradual restoration of trust, but overall whale activity remains subdued. It is important to remember that whales are able to influence market trends, and their cautious behavior may signal indecision before further movements.
Solana price dynamics: What will happen next with SOL?
SOL is currently trading in a narrow range, with support at $120.76 and resistance at $131. Further price movement will depend on whether it can overcome this range.:
If Solana does not hold support, a decline towards $112 is possible, which will strengthen the bearish trend.
If the price breaks through the $131 resistance, it could move towards $152.90 and then try to reach $179.85 if bullish sentiment strengthens.
Bottom line: Where will Solana go?
The coming days will be crucial for determining further trends. TVL is stabilizing, and large holders are showing cautious interest, but the absence of significant buying pressure remains a high degree of uncertainty. Will the price of Solana break out of this narrow range or continue to decline? Do you think Solana will be able to regain its bullish momentum in the near future?