Solana's value is constantly improving, overcoming protracted negative influences and maintaining a strong upward momentum.
The total value locked (TVL) in Solana DeFi has increased significantly, topping $1.5 billion for the first time since August 2022, matching with the higher trend in pricing.
According to Coingabbar Price Analysis, Solana price initiated a downward correction from the $125 zone against the US Dollar.
Following its 2023 high at $127, Solana price experienced a retreat, forming a short-term falling wedge pattern with a series of lower lows and lower highs.
Solana is displaying a Rounding Bottom Pattern, potentially contributing to its upward momentum.
The current trading status shows Solana price is above $100 against the US Dollar, similar to Bitcoin.
To initiate another increase, the Sol/USD pair needs to maintain support levels at $104 and $100.
SOL is currently consolidating gains and might embark on a fresh increase if it surpasses the $117 mark.
A crucial factor for a potential sustained rally is a clear breach above the $118 resistance level
KEY LEVELS :
RESISTANCE LEVEL : $110-$115
SUPPORT LEVEL : $105-$100
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
