Cryptocurrency X feeds have been abuzz with discussions surrounding Solana (SOL), the cryptocurrency powering the high-speed blockchain network with a recent price analysis post by Crypto Tony. They highlighted a potential uptrend in SOL’s price.
In addition, the TradingView chart on the SOL/USD pair hints at the formation of a triangle pattern suggesting a consolidation phase followed by a potential price pump.
Meanwhile, CryptoBusy’s tweet on X sheds light on the importance of specific price levels for SOL traders. Mentioning a potential retest of the $150 to $140 range, CryptoBusy hints at a buying opportunity should SOL experience a dip to these levels. CryptoBusy mentions accumulating SOL during the bear market indicating a long-term bullish sentiment towards the cryptocurrency.
As per Crypto Tony’s chart, the SOL/USD pair indicates a current price range between $115 and $280 per SOL token. On the other hand, CryptoBusy’s chart presents SOL’s volatility against Tether (USDT) revealing significant price swings from $90.500 USDT to $175.721 USDT.
On the bullish side, Solana’s decentralized finance (DeFi) ecosystem has flourished in 2024 with the total value locked (TVL) growing by a staggering 70% to $4.358 billion. This signifies a significant reduction in circulating supply and potentially fueling a price rise. Additionally, investment products focused on SOL have also seen a rise in assets under management (AUM) to $1.5 billion increasing by $8 million year-to-date, $24.9 million over the last month and by $6.1 million in weekly inflow volume.
Solana’s price has experienced volatility this week, mirroring trends in Bitcoin and other major cryptocurrencies. A recent attempt to recover above $200 was met with resistance leading to a dip to $175. Reaching $300 by April’s end appears ambitious but surpassing the previous all-time high of $260 seems more likely based on current bullish signals. Solana’s ability to sustain a price above $190 will be a key indicator of the uptrend’s validity.
