TLDR
- Solana is testing a resistance level around $160 after a 15% surge
- Solana’s total value locked (TVL) has reached a new yearly high of $6 billion
- The price is holding above the 200-day moving average at $151
- Breaking above $160 could confirm a bullish trend and push Solana towards $210
- Failure to close above $160 may lead to a retracement to around $140
Solana, a prominent cryptocurrency, is currently testing a crucial resistance level around $160 following a significant 15% price increase since last Friday.
This surge comes as the broader crypto market experiences heightened volatility and growing optimism, leading to increased token prices across the board.
Recent data from DefiLlama, a decentralized finance (DeFi) analytics platform, reveals that Solana’s total value locked (TVL) has hit a new yearly high of approximately $6 billion.
This marks the highest level since September 2022 and indicates growing confidence in Solana’s ecosystem and DeFi offerings.
TVL is a key metric that measures the total value of assets deposited into a blockchain project and serves as an important indicator of user engagement and trust.
The cryptocurrency is currently trading at $155, having successfully retested and maintained a position above the 200-day moving average (MA) at $151.
This technical indicator is closely watched by traders and is considered a strong support level for the asset. Maintaining this level is crucial for sustaining the current bullish momentum.
For Solana to continue its upward trajectory, it must break through the $160 level. A successful breach of this resistance could confirm a bullish trend and potentially propel Solana to test its yearly highs around $210.
Such a move would reflect growing optimism in the market and increased confidence among traders and investors.
However, if Solana fails to close above the $160 mark while holding above the 200-day MA, the bullish momentum could weaken.
In this scenario, a retracement is possible, with the price potentially dropping to lower demand levels around $140. This correction would likely serve as a consolidation phase before any further upward moves.
Investors and traders are closely monitoring Solana’s performance, as it may serve as a key indicator for broader market sentiment.
The cryptocurrency market has been experiencing a rollercoaster ride in recent weeks, with Solana and other major cryptocurrencies facing significant price fluctuations. The coming weeks promise continued uncertainty as market volatility shows no signs of abating.
The increase in Solana’s TVL suggests that more users are locking their funds into the platform’s decentralized applications.
This growing trust in its ecosystem, combined with Solana’s expanding DeFi offerings and solid infrastructure, positions it as a strong contender in the altcoin space.
The post Solana Surges: Is $160 the Next Stop on Its Bull Run? appeared first on Blockonomi.
Source: https://blockonomi.com/solana-surges-is-160-the-next-stop-on-its-bull-run/