**Solana Price Analysis: SOL Surges to New Highs, Becomes 7th Largest Cryptocurrency**
Solana (SOL) has experienced a significant rally over the weekend, with its price approaching $25. Currently, the Solana price has increased by an additional 15% in the last 24 hours, trading at around $24.30. As a result of this recent surge, Solana has surpassed both Dogecoin and Cardano to become the seventh-largest cryptocurrency by market capitalization.
**Key Levels to Watch for Solana**
When analyzing the technical chart indicators, several key levels should be monitored for Solana going forward. The SOL price has shown a steady upward movement, surpassing the resistance at $23.20. It has outperformed Bitcoin and Ethereum with an impressive 15% increase. Currently, it is facing a critical test at the $24.50 resistance level after reaching a high point of $24.47 before entering a consolidation phase.
The SOL price remains strong, well above the 23.6% Fibonacci retracement level derived from its upward swing between the low of $18.75 and the high of $24.47. In terms of resistance levels, immediate resistance can be found near $24.50, followed by a more substantial barrier at $25.00. If the price manages to break above the $25 resistance, it could potentially rally towards the $27.20 resistance level, with another key hurdle at around $28.80. Further gains may even drive the price to reach $30.
However, if SOL fails to establish support above $24.50 and $25.00, it may initiate a corrective move downwards. Initial support on the downside is located near the $23.20 level and its associated trendline. The first major support lies around $21.50, which corresponds to the 50% Fibonacci retracement level calculated from the upward movement between the low of $18.75 and the high of $24.47. If the price closes below this support, it could potentially decline towards the $20.50 support level. In such a scenario, there is a risk of further declines towards the $20.00 support level in the near future.
**Solana DeFi TVL Reaches 2023 Highs**
Alongside the rally in SOL price, Solana has also been experiencing strong growth in the decentralized finance (DeFi) market. The total value locked (TVL) on the Solana blockchain has surged to its highest point in 2023, reaching $338.82 million. Within a span of 24 hours, SOL’s TVL has increased by approximately 4.15%, rising from $324.64 million to $338.82 million.
Throughout 2023, SOL’s TVL has demonstrated significant growth, showing an impressive increase of about 38% since January 1 when it stood at $210.47 million.
**Hot Take: Solana Continues to Soar**
Solana’s recent rally has propelled it to become the seventh-largest cryptocurrency by market cap, surpassing Dogecoin and Cardano. With its price approaching $25 and strong technical indicators, Solana shows potential for further gains in the near future. However, if it fails to maintain support above key resistance levels, a corrective move may occur.
Additionally, Solana’s DeFi market is also thriving, with its TVL reaching new highs in 2023. This growth demonstrates the increasing popularity and adoption of Solana’s blockchain technology in the DeFi space.
As always, it is essential to conduct thorough market research before investing in cryptocurrencies as they are subject to market conditions and personal financial risks.
*Disclaimer: The presented content may include personal opinions and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for personal financial losses.*
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