Briefly –
- SOL has its price hovering at $208.76 after the alt attained a new ATH at $219.27.
- Solana might suffer a slight retracement towards the demand zone at $185.3 – $204.4 before the anticipated 16% surge.
- Solana’s total value locked (TVL) touched a new high at $13.65 billion.
$SOL’s price seems unbothered by Bitcoin movements as the altcoin recorded a new ATH on 25 October. That had its TVL skyrocketing to a new high. As the alternative coin seems to correct towards the support level, market players might expect another upsurge towards another surge.
SOL Total Value Locked (TVL) At Record Peak
Solana’s ecosystem sees a buzz with liquidity mining, yield aggregators, and NFT projects, among others. The lucrative network, Ethereum rival, attained two milestones. They are SOL’s market value and network’s TVL hitting ATH.
Top six Solana’s projects boast over $1 billion in total value locked. Saber seems to lead the pack as its value was at $2.06 billion. Furthermore, the Solana ETH-killer narrative appears to work as the many projects joined the network. Such cases had SOL gaining by a whole 14,665% this year, confirming the altcoin’s surged demand.
Multiple DeFi assets, including Solana, appear to rally even as Bitcoin slowed down after its record peak. Furthermore, Ignition had 5,879 projects registering for Solana’s fourth global Hackathon. The prize pool hovers at $5.1 million as the grand prize stands at $75,000.
Solana Prepares an Upsurge
Solana saw its price rising by 43% from 19 October to 25 October and recorded another ATH at $219.27. That had the alternative coin exploding high before correction sentiments emerged. With that, market players can expect Solana to endure a near-term retracement before the alt kick-starts a new upsurge.
The support in the $185.3 – $204.5 range may cushion pullbacks. That would empower buying momentum to reverse the trend. Meanwhile, SOL should overturn the resistance barrier at $216.91 into its support. With that, Solana might hit an ATH at $238.8 or 161.8% FIB extension area. Massive bullishness might see SOL extending its run to $301 following a 50% upswing to 261.8% FIB extension.
Though things appear optimistic for $SOL, a plunge under the demand territory in the $185.3 – $200.4 range might be catastrophic. That case can see the altcoin retracing towards the support floor at $175, then $151.1. That will overturn the bullish scenario or delay it.
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