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

02.03.2024

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

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.