Solana Price Forecast: Will SOL Rally To $200, With Increased TVL Impact?

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Solana Price Forecast: Will SOL Rally To $200, With Increased TVL Impact?
Published By
Coingape Staff
March 2, 2024 5:51 Pm
Solana Price Forecast: Will SOL Rally To $200, With Increased TVL Impact?
STORY HIGHLIGHTS
Solana's price surge reflects heightened market confidence and growth potential
Increased DApp and NFT marketplace activity bolsters Solana's ecosystem demand
Solana's technical indicators suggest continued upward momentum and investor interest

Solana price forecast: SOL, a premier platform in the blockchain arena known for its rapid transaction capabilities, has witnessed a remarkable uptick over the last fortnight. In the recent 24-hour chart, the value of Solana ascended to $128 despite a minor pullback of 4%. This recent upswing follows a period of sustained growth and stability, propelling Solana above a pivotal $125 resistance threshold.

Solana Price Forecast: A Look at Recent Momentum
Presently, boasting a market cap of $57 billion, Solana ranks as the fifth largest cryptocurrency by market valuation. Despite a slight dip in trading volume, the platform has seen over a 34% increase in the past day, totaling $3.84 million in trades. This surge in trading volume highlights the escalating interest and belief in Solana’s prospects among investors.


Solana Price Forecast: Will SOL Rally To $200, With Increased TVL Impact?
Solana price forecast
This week, Solana’s valuation soared to a 22-month peak of $137 amidst a broader uptick in the cryptocurrency market. The platform’s value has climbed by an impressive 25% over the last week alone, marking its highest point since April 2022. Over the preceding year, Solana’s price has rocketed by an astounding 484%, showcasing its significant growth trajectory.

Market Dynamics and Solana’s Promising Outlook
Solana’s network vitality shines through its current Total Value Locked (TVL) and decentralized application (DApp) activity levels. With a TVL experiencing a 30% uptick since the start of the year, Solana stands out against its rivals. This surge points to a high consumer interest in what Solana offers.

The network’s robustness is further highlighted by its ability to handle the trading volumes on OpenSea’s NFT marketplace. Additionally, platforms like Jito and Saber are witnessing increased user interactions. These developments underscore Solana’s efficiency in managing large-scale operations and maintaining user engagement without facing major hurdles.

A fascinating twist to Solana’s ascent involves Sam Bankman-Fried, the ex-CEO of FTX. Following a report by the New York Times, it emerged that Bankman-Fried might have played a role in Solana’s positive trajectory. During his incarceration, he reportedly advised prison guards to invest in SOL, the network’s native token. This anecdote adds an intriguing layer to Solana’s ongoing success story, demonstrating its appeal across a broad spectrum of potential investors.

Solana Price Forecast: Eyeing the Next Milestones
If the current trajectory holds, Solana’s price could soon edge near the $140 mark. With continued positive momentum, SOL could surge to reach $200. On the flip side, a shift in this upward trend could see it retracting to the $100 support level. This level acts as a vital safeguard against further price drops.

The Chaikin Money Flow (CMF) index, with a value of 0.15, signals a positive market trend. Similarly, the Moving Average Convergence Divergence (MACD) illustrates a bullish pattern. This is evidenced by its climb above the signal line and an expanding green histogram. Such indicators point to an increase in buying activities.


Solana price chart: Tradingview
Moreover, the daily Relative Strength Index (RSI) is slightly above 71. This suggests a market outlook that leans more towards optimism. The positioning of the 20 Exponential Moving Average (EMA) above the 50-EMA further bolsters the expectation of forthcoming gains. This presents an optimistic forecast for Solana’s market trajectory.

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Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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Cryptonews Price Predictions Solana Price Prediction Following New Multi-Month High – What’s Next for SOL’s Price Action?
Solana Price Prediction Following New Multi-Month High – What’s Next for SOL’s Price Action?
Arslan Butt
Arslan Butt
Last updated: March 2, 2024 06:56 EST | 2 min read



Solana
Solana Price Prediction
Solana (SOL) emerges as a key contender, recently achieving a notable multi-month high of around $137, amid Solana’s valuation prompts a closer examination and subsequent Solana price prediction.

With its price currently at $128 and experiencing a slight correction of nearly 4% in the last 24 hours, Solana’s market dynamics represent a mix of potential growth and short-term volatility.

Despite this, the trading volume of $3.84 billion underscores a robust interest in SOL, maintaining its position as the fifth-largest cryptocurrency by market capitalization, at roughly $57.10 billion.

Solana Price Prediction
Analyzing SOL/USD’s 4-hour chart provides a deeper understanding of Solana’s price dynamics. The pivot point, identified at $135.71, delineates a crucial threshold for SOL’s short-term price movements. Resistance levels are set at $142.03, $148.33, and $154.64, outlining potential ceilings for upward price action.

On the downside, immediate support is found at $127.13, with further cushions at $118.99 and $112.96, which could play pivotal roles in Solana’s price stabilization.

📊 #Solana's pivotal $127 mark stands as a key indicator for its future trajectory. With RSI at 60 and 50-EMA support at $117.15, SOL's path could tilt based on this crucial level. Keep a close watch on these indicators for strategic moves. #SOLUSD #CryptoAnalysis pic.twitter.com/rRtnWiMDWQ


— Arslan Ali (@forex_arslan) March 2, 2024

The Relative Strength Index (RSI), sitting at 60, suggests a relatively balanced momentum without veering into overbought or oversold territory.

Meanwhile, the 50-Day Exponential Moving Average (EMA) at $117.15 provides a bullish undertone, indicating sustained interest and potential support for Solana’s price.

Solana Price Chart
Solana Price Chart – Source: Tradingview
Solana’s current trading range between $135 and $127 suggests a consolidation phase. While the upward channel hints at a bullish bias, a decisive break below the $127 level could shift the momentum, driving SOL towards the $117 mark.

In conclusion, while Solana exhibits a bearish trend below the $135 pivot point, the critical threshold at $127 serves as a make-or-break level for future price directions.

A drop below this level could amplify selling pressures, making it essential for traders and investors to closely monitor these key price levels and indicators.

Summing Up
In conclusion, Solana’s trading pattern indicates a crucial juncture at the $127 level, acting as a decisive point for its future direction. Below this pivot, SOL may face increased selling pressure, highlighting the importance for stakeholders to keep a vigilant eye on these pivotal markers for informed decision-making.

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