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Presently, Solana has increased by 10% and is actively traded at $21.80, reflecting a slight uptick in the crypto’s price.
While it’s important to note that SOL remains significantly distant from its all-time high of $260, the recent upward motion has lifted its value beyond the $20 mark, indicating promising signs of an extended bullish sentiment.
Reasons Behind SOL Rise?
There are several factors right now that could have influenced the rise in SOL’s price.
These include macroeconomic factors such as inflation and crypto regulation in different areas.
In addition, Solana has experienced some success in adoption with some ecosystems adopting the token and launching cross-chain bridges.
Moreover the Dex,s volume of Solana increase in this week and DefiLlama revealed in a report earlier in the week that Solana had experienced a spike in DEX volume.
This kind of development is likely to have uptrend its price action in the past week.
But the Total Value Locked (TVL) has not reacted to this uptrend and has been stagnant since its decline last November following the FTX collapse.
At the time of writing, the TVL sits at around $275 million with no noticeable increase in value despite the gains of SOL in recent days.
Solana (SOL) Price Prediction
SOL is currently trending upward and has continued its positive price action towards the weekend. However, the intermittent red candles on its weekly chart show that the bears are active this week.
At the time of writing sol is trading at $21.64 after found its support at $15.45. This price upward price action of this altcoin close to the resistance level of $ 22.50.
A break above the $22.50 resistance level will help to boost its price to reclaim the $25 psychological resistance level.
If this happens, SOL will likely rally to the $23.00 resistance level after breaking above $22.
However, a price decline below $20 in the short term remains possible due to external market conditions that are bearish.