- Solana had retested an important pennant at the time of press.
- A rising TVL and metrics indicated a growing ecosystem.
Solana [SOL] It is showing signs that a bullish breakout could be imminent after successfully testing key support. In the last five months, this altcoin was consolidating in a pennant-like pattern.
SOL’s price has seen a bounce off of the lower line in the pennant chart over the past day, which indicates an increase in buying at this level.
This important support could serve as the launchpad for a possible bullish rally towards next Resistance level around $153.
SOL bulls should be aware of the importance of $153 as a resistance level. This level is important for SOL bulls. A breach of this resistance can lead to an increase in purchasing pressure, and allow the market to test previous peaks.
Bulls are fueled by reduced selling pressure
DeFiLlama’s data on Net Flow indicated that, in addition to price movement mentioned above, sellers had reduced their prices significantly within the past 24 hour.
The Net Flow fell from 9.58 millions to -0.32million at the time of publication, which suggests less pressure on sellers.
SOL DeFi shows off its muscle
Solana’s Total Value Loaded (TVL) is also on an upward trajectory. This indicates that network users are becoming more confident in the DeFi eco-system.
This growth indicates that additional funds are being invested in protocols built on Solana. It is an indication of the network’s adoption.
Santiment’s data shows that development efforts aimed at improving the Solana Network have increased in recent weeks.
In the past, such a surge of development has led to a significant price rise. It is good news for Solana’s bulls.
Click Here to Read Solana’s [SOL] Price Prediction 2024-25
Also, the Social Volume showed an increase in overall volume. This increasing social attention leads to increased trading and price movement.
SOL’s technical data and metrics on the chain all converged to paint a bullish image. Price rallies could continue if Solana crosses above bullish resistance.
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Source: ambcrypto.com