Solana Targets $160 Resistance As TVL Hits New Yearly Highs
16 Outubro 2024 - 11:00PM
NEWSBTC
Solana is testing a crucial supply level around $160 following a
strong 15% surge since last Friday. The crypto market is
experiencing heightened volatility as optimism grows, increasing
token prices. In recent weeks, Solana and other major
cryptocurrencies have been on a rollercoaster ride, and the coming
weeks promise continued uncertainty as volatility shows no signs of
slowing down. Related Reading: On-Chain Metrics Reveal Bitcoin
Demand Is Growing – Can BTC Break ATHs In Q4? Key metrics from
DefiLlama reveal that Solana’s total value locked (TVL) has reached
a new yearly high, now at around $6 billion, its highest level
since September 2022. This TVL increase signals confidence in
Solana’s ecosystem and decentralized finance (DeFi)
offerings. Investors and traders are closely watching the
market, with Solana’s performance likely to serve as a key
indicator for broader market sentiment. As Solana tests this
crucial resistance level, the next few days will determine whether
the token continues its upward momentum or faces another round of
volatility. Solana Testing Crucial Resistance Solana is flirting
with a 5% surge, poised to challenge local highs and potentially
confirm a long-term uptrend. As the broader crypto market
experiences a shift, investors and traders are eagerly searching
for signals that Solana is ready to break into new highs. Key data
from DefiLlama shows that Solana’s total value locked (TVL) has
reached a new yearly high of $6 billion. TVL measures the total
value of assets deposited into a blockchain project and is a key
indicator of user confidence and engagement. A rising TVL suggests
that more users are locking their funds into Solana’s decentralized
applications, a sign of growing trust in its ecosystem. This
increase in TVL further supports the bullish outlook that many
investors hold for Solana. The platform’s expanding DeFi offerings
and solid infrastructure make it a strong contender in the altcoin
space. As Solana continues to push toward new highs, such
fundamental data reinforces optimism about its future price action.
Related Reading: Ethereum Could Target $3,400 Once It Breaks Above
Bullish Pattern – Details A confirmed surge above key resistance
levels could begin a sustained upward trend for Solana, positioning
it as one of the top performers in the market. Investors are
watching closely to see if the current price movement can translate
into a longer-term rally. Key Levels To Watch Solana is currently
trading at $155 after a volatile session yesterday. The price
successfully retested and now holds above the 200-day moving
average (MA) at $151, signaling strong support for the asset. This
level has been a key indicator for traders, and maintaining it is
crucial for sustaining the current bullish momentum. For bulls to
keep the momentum going, SOL must stay above this 200-day MA and
break through the $160 level. Such a move would likely confirm a
bullish trend and propel Solana to test its yearly highs around
$210. This would mark a significant upward move, reflecting
optimism in the market and increasing confidence among traders and
investors. However, the bullish momentum could weaken if the price
fails to close above $160 and holds above the 200-day MA. In this
case, a retracement is likely, with the price potentially dropping
to lower demand levels around $140. Related Reading: Active
Dogecoin Addresses Reach Highest Level In 8 Months – Is DOGE About
To Rally? This correction would serve as a consolidation phase
before any further upward moves. Traders are closely watching these
key levels as they will dictate Solana’s next major move in the
market. Featured image from Dall-E, chart from TradingView
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