Solana’s native token, SOL, has emerged as a standout performer, with a remarkable 25% surge over the past week. SOL has now skyrocketed by an impressive 40% from its low point in September.
As of the latest data, SOL is trading at $23, reflecting a 3% gain within the daily time frame. While these figures are certainly encouraging, they remain well below the all-time highs witnessed during the previous bull market.
Solana’s resilience and growing adoption have been further underscored by its performance throughout September. The network has been handling an astonishing volume of daily transactions, surpassing the combined transaction volumes of Ethereum, Bitcoin, Polygon, and Binance Smart Chain. This remarkable feat has solidified Solana’s position as a formidable player in the blockchain space.
Moreover, the total value locked (TVL) in the Solana ecosystem reached an impressive milestone this Monday, standing at $338.82 million, marking the highest point since the beginning of the year, according to data from DefiLlama.
In just 24 hours, SOL’s TVL experienced a notable increase of approximately 4.15%, surging from $324.64 million on Sunday to the current $338.82 million. A driving force behind this surge in TVL has been the strong performance of Solana-based projects such as Drift, marginfi, and Solend, among others.
Solana Technical Indicators Point To Bullish Momentum
While Solana’s price action appears bullish, technical indicators are providing additional insights. The Relative Strength Index (RSI), in particular, has moved above the crucial 50-level mark on the three-day chart, indicating an increasing bullish momentum. Meanwhile, the Awesome Oscillator (AO) has yet to breach the zero-level threshold, trailing behind the RSI.
On the upside, Solana faces immediate resistance at the $24.50 level, with the first major resistance at $25.00. A clear breakthrough above the $25 resistance could potentially propel the price toward the $26 resistance. Beyond that, the next key resistance sits at approximately $28.80.
Conversely, if SOL fails to establish support above $24.50 and $25.00, a downside correction could be in the cards. Initial support on the downside is expected near the $23.20 level, which also aligns with the prevailing trend line.