Key Takeaways
- Solana’s $9 billion TVL surpassed the other dApps, suggesting increased activity on its network in the past weeks.
- Bullish demand for SOL price could see price retest key support of $150 before a rally to $300.
- Crypto experts share technical analysis of SOL as a minor decline could fuel new all-time highs.
Solana’s (SOL) price is experiencing some slight market retracement following a strong price rally from a region of $90 to a daily high of $180, as the price could continue to a high of $200. Still, Bitcoin’s minor retracement prevented the price from maintaining a continued rally.
Bitcoin’s price reached a high of $105,500, but struggled to break above its previous all-time highs, retracing back towards the $102,000 region, affecting the price of Solana (SOL) for the time being. The price of BTC retracing towards key support of $96,000 on the higher timeframe could force the likes of SOL towards a region of $150 before the price continues to the upside.
Despite a slight market drop, SOL activities in the last few weeks have surpassed Ethereum dApps, registering increased on-chain activities as the market gains much bullish volume ahead of experts’ speculation of a coming altcoins season.
On-chain Solana Activities Heighten
Source – Solana On-chain Activities From DefiLlama
Solana has seen a strong market surge following the breakout of Bitcoin to a high of $100,000. Its network experienced a surge of activities generating over $9 billion in total value locked (TVL) and increased on-chain activities, which have reflected in the price of Solana. The price rose to a high of $180 within four weeks, recording an over 25% rally for the crypto asset.
Rising on-chain and revenue activities for Solana (SOL) are evidence of strong bullish and whale activities driving the price of SOL to the upside. Speculation suggests the price of Solana could continue in this uptrend fashion towards a high of $300.
SOL Price Analysis From Market Experts
Following such price action, crypto experts have dropped their price expectations for Solana in the coming days. The price is expected to decline slightly before the continued rally to the upside.
In an X post, VIPRose suggested that the price of SOL could retrace into the key support zone of $150 before a potential price rally to new highs. This region serves as a strong demand zone for price after flipping this area from resistance to support.
A clear retest on the daily timeframe for the SOL price could see bulls and whales open long positions for the Solana price, with targets expected to hit a region of $300, creating new all-time highs.
BC_Richfield, a top crypto analyst using the daily timeframe, has shared a similar sentiment of a possible price of SOL retesting a daily key zone of $150 before price could rally to the upside following a slight market retracement.
The overall market trend for SOL remains bullish, with a key support zone of $150 attracting attention from traders and investors who have missed previous entries. Expected prices are around $200, $250, and a break of its key psychological resistance of $295, respectively.
