$270 Target in Sight Following Bullish Momentum

Key Insights:

• Solana’s breakout above $200 targets $270, fueled by strong price momentum and DeFi growth.
• Solana’s DeFi TVL hits a 3-year high, boosting market confidence and fueling bullish sentiment.
• Analysts predict Solana could reach $260 as its price recovers and the DeFi sector grows.

Solana (SOL) price is showing a strong bullish momentum after breaking through key resistance levels. The digital asset has recently crossed above $200, signaling a potential move towards $270. 

According to analyst CryptoRand, the breakout is setting the stage for further upward movement, with a target of $270 in sight. The price surge followed the breakdown of the local downtrend and horizontal resistance, which had capped Solana’s price action in recent weeks.

Notably, as the cryptocurrency market recovers, Solana’s performance stands out with significant gains in both price and decentralized finance (DeFi) activity. Solana has experienced a sharp rally, crossing the $200 mark after struggling with resistance levels for some time.

Solana’s DeFi TVL Sees Growth Amid Market Surge

However, the Solana blockchain has recently reported an increase in its DeFi total value locked (TVL). According to data from SolanaFloor, Solana’s DeFi TVL in terms of SOL has hit its highest level in over three years. 

The market continues to monitor these developments, with some speculating that FTX’s release of funds may be part of broader creditor payouts. FTX has been distributing funds after its bankruptcy proceedings.

As of press time, Solana is trading at $201.16, marking a 13.13% gain over the last 24 hours. Its 24-hour trading volume is over $12.7 billion.

Market Attention Shifting to Solana’s Recovery

Notably, based on PostyXBT, while Ethereum has been in the spotlight, Solana’s recovery is significant. Despite Ethereum’s (ETH) continued dominance, Solana is catching attention due to its recent price action and growing DeFi sector.

The digital asset has been quietly working its way back to the $200 range, and many believe that it could soon break through this threshold and target the $260 range.

The growing institutional interest in Solana, combined with its surging DeFi activity, is fueling optimism about the token’s future performance. As market conditions improve, Solana remains a cryptocurrency that can be watched for further breakout potential.