0
Please log in or register to do it.



Solana (SOL), one of the most active blockchain networks, is witnessing a surge in development activity despite facing downward pressure in the market. Over the past week, SOL has seen a 10% decline, battling to hold support around $140. On-chain data shows a contrasting picture: daily transaction volume has dropped 33% since late July, but the platform’s Total Value Locked (TVL) has increased by 5% in the past month. This surge in TVL indicates strong activity within Solana’s DeFi ecosystem, reflecting investor confidence even as the token struggles to maintain price momentum​(Watcher Guru)(FX Leaders).


2. Can Solana Hit New Highs in Q4?

Despite the recent dip, analysts remain optimistic about Solana’s long-term potential. Some forecasts suggest that SOL could rally back toward $200 by the end of the year, driven by increased market interest and positive sentiment around the broader crypto market. Bitcoin’s strong performance, along with riskier assets seeing renewed interest due to favorable macroeconomic conditions, is adding fuel to the fire. With Solana recently gaining 725% in the past year, it wouldn’t be surprising to see it aim for new highs if bullish market conditions continue​(Watcher Guru)(Watcher Guru).



3. Technical Analysis: Key Levels to Watch

In the past 12 hours, Solana has shown mixed price action. After briefly dipping below $140, SOL has managed to stabilize, but resistance remains strong at $160. The next major resistance level sits around $175, which analysts believe could trigger a rally if broken. Support remains around $140, but a fall below this level could indicate further bearish movement toward $120. Solana’s daily performance mirrors the broader altcoin market, which is showing signs of cautious optimism as Bitcoin continues to lead a broader market recovery​(Watcher Guru)(FX Leaders).


Conclusion: Bullish Sentiment Despite Short-Term Struggles

Solana’s current market dynamics present a mix of challenges and opportunities. While its price has faced a downturn in the short term, the increase in network activity and development metrics, combined with bullish forecasts, suggest that SOL may be gearing up for a strong Q4. Investors are closely watching key resistance and support levels to gauge the next significant move for this rapidly growing blockchain.



Uniswap Debuts Layer-2 Network 'Unichain' as UNI Token Sees a Surge
Ethereum's Staking Surge and ETF Developments Signal Long-Term Strength Amid Short-Term Volatility

Reactions

0
0
0
0
0
1
Already reacted for this post.

Reactions

1

Your email address will not be published. Required fields are marked *