Analysis: On-chain Activity and K-line Suggest SOL May Break Through $300
On May 26, it was reported that the price of SOL surged by 86% from April 7 to May 26, following the overall rise in the altcoin market, while Bitcoin hit a historic high of over $111,000.
The Solana network's TVL increased by over 54% from a multi-month low of $6.12 billion on April 7 to $9.44 billion on May 26, growing nearly 20% in the past 30 days. According to DefiLlama data, the growth in TVL was mainly driven by Raydium, which grew by 52% in one month. Other major decentralized applications like Jupiter DEX, Jito Liquid Staking, and Kamino Lending grew by 12%, 25%, and 11%, respectively. Although the Solana token ranks fifth by market capitalization, its network TVL ranks second among top Layer-1 blockchains, only behind Ethereum.
Since January, SOL's price movement on the weekly chart has shown a V-shaped pattern, which is a bullish pattern where asset prices experience a sharp rise after a significant decline. A V-shaped recovery is completed when the price rises to the resistance level at the top of the V-shaped pattern, also known as the neckline. SOL appears to be in a similar trend, currently trading below the supply and demand zone between $180 and $200. Breaking through this range will increase the likelihood of the price rising to the $252 neckline and completing the V-shaped pattern.
Additionally, the next target will be to break through the all-time high of $295, a 66% increase from the current price.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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