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  • Writer's pictureConnie Chan

Solana (SOL) up 10% weekly, may hit $25.


Solana (SOL) up 10% weekly, may hit $25.
Solana (SOL) up 10% weekly, may hit $25.

Solana (SOL) has experienced a notable rebound in the past week, displaying a series of consistent gains. Currently, SOL has risen by 10% and is being actively traded at $21.80, indicating a slight increase in the cryptocurrency's price.


It is worth noting that SOL is still significantly far from its all-time high of $260. However, the recent upward trend has pushed its value above the $20 threshold, suggesting positive indications of a prolonged bullish sentiment.


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Solana (SOL) up 10% weekly, may hit $25. What’s Behind SOL Rise?

The recent rise in SOL's price can be attributed to several factors, including macroeconomic conditions such as inflation and crypto regulations in various regions. Additionally, Solana has gained adoption with some ecosystems adopting the token and launching cross-chain bridges. Solana (SOL) up 10% weekly, may hit $25.


However, the most significant factor contributing to the price increase is the surge in DEX volume, which has risen by over 80%. According to a report by blockchain analysis platform DefiLlama, SOL's DEX volume is now ranked fifth within the crypto market. This development has likely boosted its price action in the past week.


Despite the recent gains in SOL's price, the Total Value Locked (TVL) has remained stagnant since its decline in November 2020 following the FTX collapse. Currently, the TVL sits at around $275 million with no noticeable increase in value.

Solana (SOL) Price Outlook And Prediction

SOL has shown positive price action towards the weekend, despite intermittent red candles on its weekly chart indicating bearish activity this week. Technical indicators reveal that its relative strength index is currently at 50, in the neutral zone between oversold and overbought regions. The Moving Average Convergence/Divergence (MACD) is in the buy zone, signaling a bullish trend. The green histogram bars further support this, suggesting a sustained uptrend in the coming days if the bulls continue to persist.


SOL 7-day chart shows upward trend / Source @Tradingview
SOL 7-day chart shows upward trend / Source @Tradingview

SOL has recently been trading at $21.83, finding crucial support at the $15.43 price level a few weeks ago. Currently, the altcoin is approaching the $22.50 resistance level. A successful break above this level can help to boost its price and reclaim the $25 psychological resistance level. In such a scenario, SOL is expected to rally to the $23.00 resistance level after breaking above $22. However, it is important to note that external market conditions that are bearish may cause a price decline below $20 in the short term.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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