The Solana price is trading at $198 as of 3:45 am EST, up 1.22% over the last 24 hours.
SOL is up 50% over the last month and has rallied 95% so far in 2024, according to data from CoinMarketCap.
The layer 1 blockchain has recovered from the adverse effects of the FTX saga that saw its price tumble to as low as $7 in January 2022. The Solana community and developers have maintained their belief in the network, with more projects building on the blockchain. The latest memecoin frenzy has boosted network activity and transaction volume.
As such, the total value locked (TVL) on Solana has continued to increase. According to data from DefiLlama, Solana’s TVL has risen by over 1300% from 326.36 million on Oct. 1, 2023, to $4.804 billion on April 1.
Solana TVL, USD. Source: DefiLlama
Therefore, as projects within the Solana ecosystem, such as Jupiter decentralized exchange and Jito liquid staking protocol, continue to gain traction, investor interest in Solana will remain high. With memecoins such as BONK, Book of Meme (BONK) and Dogwifhat (WIF) continuing their rallies, the SOL price is set to continue benefiting from their momentum.
Solana’s uptrend remains intact as bulls target $260
SOL price is set to continue its “up-only” price action after returning to the ascending parallel channel. At the time of publication, the price was fighting resistance from the middle boundary of the rising channel at $205. A daily candlestick close above this level would see the layer 1 token rise toward the upper boundary of the prevailing chart pattern at $215.
Arising above this level would confirm an upward breakout from the channel, with the next target being the all-time high above $260. Such a move would represent a 31% uptick from the current price.
TradingView Chart: SOL/USD
On the downside, the price may drop to produce a daily candlestick close below the channel’s lower boundary at $193. Such a scenario would see SOL drop lower, with key levels to watch being the $180 and $170 psychological levels.