Solana Crypto Could Ride a Bullish Rally, As Its TVL Rose By 13%

• 1 Solana has experienced increased demand since Robinhood Crypto introduced its first staking product featuring Solana.
• 2 Technical indicators suggest a bullish rally, and the Relative Strength Index indicates bullish momentum. 

Solana crypto’s market value has witnessed a significant increase in recent times, increasing by more than 3% in the past 24 hours. The market capitalization was at $75.512 billion. However, SOL’s trading volume has decreased by 16.84% in the last 24 hours, which stands at around $3.625 billion. 

Meanwhile, the circulating supply of the SOL token has been reported to be around 448.805 million SOL, and its total supply is around 576.168 million SOL. 

Over the past 24 hours, the Solana price has risen by up to 5% (appx.). The technical indicators have been portraying a possible bullish rally that could greatly benefit the crypto in the coming session. Furthermore, Solana has exhibited positive growth in the last month, increasing by more than 21.85%, according to CoinMarketCap. 

At press time, the Solana price was trading around at $167.60. Besides, there are expectations, contingent on buyers’ strength, for the price to exceed the $200 mark. Beyond this price point, the door would open for more future optimism.

Staking Product Featuring Solana Portrays Optimism!

Solana has experienced increased demand since Robinhood Crypto introduced its first staking product featuring Solana. This service has recently been made available to European users, enabling them to earn yields on their SOL holdings. 

This announcement sparked optimism among investors, which led the total value locked to surge in Solana, and at press time, its staking has increased by 13%. 

Is TVL Boost Hinting About Something Big?

According to DefiLlama data, Solana’s Total Value Locked has notably increased on the graph. It has reached $4.641 billion. This milestone underscores the growing trust and adoption of the Solana blockchain within the decentralized finance (DeFi) ecosystem.

Therefore, if the Solana price surpasses the $180 resistance level, it could indicate a strong bullish trend, potentially driving the price toward the $185 mark. Sustaining this level in the coming session might pave the way for future movement toward the $200 resistance threshold. 

Conversely, a reversal in trend could lead to a decline in SOL’s price value to the $155 support level. In this scenario, the Continued dominance by sellers could push the price towards a lower support zone at $125, which could signal a potential bearish phase in the market. 

On observing the technical indicators, The MACD shows a bullish cross, and the Relative Strength Index indicates bullish momentum, with a reading of 62.02. It is also trading above the 20-day and 50-day Exponential Moving Averages (EMA), highlighting its bullish potential.

Summary

Solana’s market value has increased significantly, with an increase in price, market capitalization, and total value locked in staking and decentralized finance. 

The current trading price of Solana stands at $167.60, with the potential to surpass the $200 mark with further growth. Technical indicators suggest a bullish rally, and the RSI indicates bullish momentum. 

However, a reversal in trend could lead to a decline in SOL value to the $155 support level, with a potential further decline to $125.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.