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Solana price technical analysis points to a 20% jump

on Jul 8, 2023
  • Solana price has made a strong recovery in the past few weeks.
  • The total value locked in its DeFi ecosystem has jumped sharply.
  • The daily volume of SOL traded has jumped to over $800 million.

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Solana price was one of the best-performing major cryptocurrencies this week. The SOL token continued its rally on Saturday and reached a high of $22.45, the highest level since May 7th. It has soared by more than 68% from its lowest point in June this year, giving it a market cap of over $8.9 billion.

Solana DeFi TVL slowly recovering

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Activity in Solana’s ecosystem is slowly making a comeback after falling sharply in November last year. That decline happened after the collapse of FTX and Alameda Research. At the time, it was revealed that the two companies were big investors in Solana and its biggest dApps like Serum. 

Recently, there are signs that Solana’s ecosystem is making a comeback. The total value locked (TVL) in its DeFi ecosystem stands at over $1 billion, lower than its all-time high of over $12 billion.

Solana’s DeFi TVL has made a slow recovery. It has risen to a high of 60 million SOL, the highest level since October last year. In January, only 26 million SOL tokens were in its ecosystem. As a result, Solana’s daily fees collected have remained stable in the past few months.

The biggest DeFi protocols in Solana are SPL Governance, Streamflow, Marinade Finance, Lido, and Solend.

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Additional data shows that Solana’s volume has been slowly rising recently. Data by CoinGecko shows that the volume of Solana stood at over $827 million in the past 24 hours. It had a volume of $849 million and $234 million in the previous days, respectively. 

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Solana price prediction

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Solana price

The daily chart shows that Solana’s price has suddenly woken up. As it rose, the coin managed to flip the important resistance level at $16.12 into a support level. The 25-day and 50-day exponential moving averages (EMA) are about to form a bullish crossover while the Relative Strength Index (RSI) has moved above the overbought level.

Therefore, Solana will likely continue rising as buyers target the next key resistance point at $26.40, the highest point on April 18th. This price is about 20% above the current level. A move below the support at $20 will invalidate the bullish view.


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