Solana’s SOL token rode a rollercoaster Tuesday, whipped around by U.S. market winds. Prices zig-zagged within a 5% range, bouncing from a $157.23 low to a $162.89 peak. This wild ride coincided with crypto-bill votes in the House, injecting uncertainty into the market. Yet, amidst the turbulence, SOL displayed surprising strength. Bullish technical indicators and growing on-chain activity suggest Solana might just be weathering the storm and gearing up for a brighter future.
Solana Rallies as DeFi TVL and User Activity See Strong Growth
Solana’s price has surged from $126 to $164.6 in the last three weeks, painting a picture of robust recovery. This impressive climb wasn’t a solo act; it rode the waves of a rebounding market, whispers of potential ETFs, and burgeoning on-chain activity.
Solana’s DeFi scene is buzzing. DeFiLlama data reveals an impressive 18.1% leap in Total Value Locked (TVL), surging from $7.78 billion to $9.19 billion. This injection of over a billion dollars isn’t just numbers; it’s a powerful vote of confidence. Investors are diving headfirst into Solana’s DeFi playground, signaling a resurgence of activity and belief in the platform’s potential.
SOL TVL | DeFILama
Solana’s pulse is quickening. A surge of new users has flooded the network, pushing active addresses from 2.93 million to a vibrant 3.34 million a 14% leap. This isn’t just growth; it’s a roar of engagement. Solana’s ecosystem is buzzing, with more and more players diving into its decentralized applications.
These metrical collectivities indicate growth in the Solana DeFi ecosystem and strengthening of on-chain fundamentals.
Number of Active Addresses on Solana
SOL Price Near A Major Breakout From Reversal Pattern
Solana’s price has been stuck in a tug-of-war for the past week, bouncing between the $168.28 resistance and the $157.80 support like a pinball in a tight machine.
Buried within this market’s recent consolidation lies a bullish secret: an inverted head and shoulders pattern is taking shape. Often seen rising from the ashes of a market bottom, this formation, with its distinctive head and twin shoulder dips, hints at a powerful reversal on the horizon.
Solana bulls just smashed through a critical barrier! The SOL price chart is flashing green as it bulldozed past the $162.9 resistance. Buckle up, because a 2.4% rocket ride to $168.28 is now the immediate target. Conquer that neckline resistance, and we’re talking about a full-blown market shift – prepare for a surge to $178.4, and then setting sights on the $187.7 peak. This isn’t just a breakout; it’s a potential SOL eruption.
SOL/USDT -1d Chart
However, if sellers keep hammering away at the neckline resistance, SOL could remain trapped in its current sideways dance for a while longer.
Also Read: Bitcoin Price Correction Offers Fresh Entry as ETF Inflows Hit $7.78B
Thanks for reading Solana Price Eyes $180 as DeFi Growth Supports Bullish Continuation
