Just a week ago, Solana’s (SOL) price was stuck under the consolidation between $150 and $160 and now with a rise of over 35%, the levels are trying to sustain above $200. The rise is impeded due to the meteoric rise in the Solana DeFi and the Solana memecoin space. The DEFI TVL is on the rise and reached levels above $7.5 billion and heading towards highs of around $9.9 billion. Additionally, the Solana DEX volume hit its 2nd highest day ever, reaching $5.28 billion in the last 24 hours.
On the other hand, the memecoin space is gearing up with the newly launched memes on Solana that have managed to reach the $1 billion market capital in a very short time frame. Hence these factors are expected to trigger a fine rise in the SOL price rally which is constantly defending the support at $200. Where will the SOL price head next? Will the pullback hinder the progress of the rally?
A popular analyst, Seth, sets the next target for the SOL price rally which is around $300. The analyst believes that the price has dropped by 1.77% since the early trading hours which is pretty normal for a healthy bull run. The token is expected to remain consolidated for a while, beyond which a fine pump above the current ATH is imminent. The volume has doubled in the past few days suggesting a massive influx of buyers as the selling pressure has failed to mount.
Therefore, the Solana (SOL) price is believed to remain consolidated until the announcement of the fresh inflation rates. Once the new CPI rates are let out, which are believed to be lower than the current one, the markets and the Solana (SOL) price rally are believed to form new yearly highs at $220 initially and later barge in above the ATH to reach $230.
Source: https://coinpedia.org/price-analysis/solanas-sol-new-ath-is-loading-and-heres-where-it-could-be/