Solana Price Prediction: DeFi TVL Growth Fueling SOL’s Climb to $180?

Solana price prediction: SOL has experienced an increase in price over the past 24 hours following market recovery. At the time of reporting, Solana price is trading at $137, with a surge of 2% in the U.S. section. 

According to CoinMarketCap data, Solana’s market cap has increased by 2%, reaching $63 billion, ranking it 5. The 24-hour trading volume, however, has decreased by 32%, standing at $2.2 billion, placing it at 6. 

Solana Price Prediction: SOL Points Towards Potential Upsurge

Solana has diverged from the broader market downtrend, with consecutive upticks observed over the past 48 hours. SOL has maintained positive momentum, positioning itself as a standout crypto asset. However, other altcoins continue to face bearish trends.

Over the past week, SOL price has seen a decline in value. The cryptocurrency has decreased by over 1% in the last seven days, indicating significant selling pressure.

Despite the price recovery, traders in the derivatives market have shown a more cautious response. Meanwhile, major cryptocurrencies outside Solana experienced minimal fluctuations, with changes remaining under 1%, oscillating between slight gains and losses.

Solana has demonstrated notable resilience despite the prevailing bearish sentiment in the crypto sphere. The price of SOL has formed a bullish technical pattern known as a ‘falling wedge.’ This pattern is characterized by converging trend lines connecting lower and lower highs, sloping downward in a narrow shape.

The falling wedge pattern typically suggests that while the asset consolidates within a downtrend, it is losing bearish momentum and potentially setting up for an upward reversal.

DeFi TVL Surge Boosts Solana’s Ecosystem

According to DeFiLlama, Solana’s network has experienced a significant rise in its Total Value Locked (TVL), reaching $4.22 billion as of June 26. 

This surge in TVL reflects increasing engagement and confidence within the Solana ecosystem, appealing strongly to users and developers. The recent growth in TVL has been a driving force behind Solana’s upward momentum.

If bullish momentum continues to build, the Solana price prediction could breach the crucial $150 resistance level, signaling a potential resurgence in bullish sentiment and aiming for targets around $190. Sustained upward movement may pave the way for SOL to soon approach the significant $200 resistance mark.

Conversely, heightened bearish pressures might see SOL retreat to find support initially at $130. Further downside could test the lower support zone near $120, potentially indicating a shift toward a bearish market sentiment.

Technical Indicators Hint at Short-term Bearish Sentiment

The daily technical indicators for the Solana cryptocurrency suggest a potential shift in market sentiment. The Moving Average Convergence Divergence (MACD) indicator shows a bearish sentiment. 

The MACD line is positioned at -7.32, while the signal line is slightly higher at -6.78. The histogram, reflecting the difference between these lines, is negative, indicating potential bearish momentum in the short term.

Meanwhile, the Relative Strength Index (RSI) is at 40, indicating that Solana is in the lower neutral zone. The RSI suggests that the token is neither overbought nor oversold but is closer to the oversold threshold 30. This positioning hints at the possibility of a price rebound if buying interest picks up.

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