CandleFocus Solana TVL At 2-Year High, But Selling Continues: What’s to Come?
2024-10-23
Author: Content Editor
Solana is experiencing strong performance, with its Total Value Locked (TVL) reaching a 2-year high and daily DEX volume exceeding $2.4 billion. Bullish technical patterns suggest a potential rally to $300, but recent large token sales introduce the possibility of short-term sell-offs. Despite this, Solana's TVL has risen to its highest amount since January 2022, indicating a positive outlook. Additionally, Solana's decentralized exchange activity surpasses other blockchains, highlighting increasing demand for its ecosystem. The SOL price has strong support at $164, and if maintained, it could rally towards $200. However, a failure at the $164 support could pause the bullish trend. The Relative Strength Index (RSI) suggests positive momentum, but nearing the oversold region indicates a potential pullback or consolidation. The MACD lines and positive histogram bars indicate buying activity and rising momentum.
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