Solana (SOL) Makes Promising Recovery, Surges 15%
Coinspeaker
Solana (SOL) Makes Promising Recovery, Surges 15%
In a surprising turn of events, Solana (SOL), one of the most popular cryptocurrencies in the market, has experienced a remarkable resurgence, witnessing a 15% surge in its price over the last 48 hours. Currently, SOL is trading at $24.19, representing a substantial 65% increase from its lowest price in 2023.
This impressive price rally has propelled SOL beyond a critical technical indicator known as the 200 Exponential Moving Average (EMA), a level closely monitored by traders and analysts.
SOL Witnesses Best Performing Week since July
Solana (SOL) witnessed its most robust performance week since mid-July. The crypto asset traded at $19 on Friday, indicating a slight increase from the $18 it traded on September 13. According to data from CoinGecko, the token has experienced an impressive 29% increase in value and has surged by an astounding 39.08% from its lowest point last month.
The surge is even more noteworthy because the crypto asset had been under significant short-selling pressure, hinting at the possibility of a short squeeze scenario.
The broader crypto market has been abuzz with activity lately, primarily fueled by Bitcoin’s (BTC) recent climb to $28,000. The bullish sentiment is spilling over into alternative digital assets like Solana. Notably, Solana’s trading volume has steadily risen, reflecting strong buying interest and suggesting the potential for further upside in the near term.
The 15% price surge in Solana could indicate additional gains early, particularly if the asset can maintain its position above the 200 EMA. Market participants, including traders and investors, are closely eyeing the upcoming resistance levels to gauge whether SOL can sustain its bullish momentum.
It’s essential to highlight that the overall market conditions currently favor continued growth in the altcoin sector. Bitcoin’s impressive performance often acts as a catalyst for altcoins. With the leading digital asset, BTC, showing no signs of slowing down, virtual assets like SOL are well-positioned to benefit.
Solana (SOL) Total Value Locked (TVL) Hits 2023 Record High
In addition to the 15% price surge, Solana’s total value locked (TVL) reached an impressive milestone on October 2, standing at $338.82 million. According to DefiLlama data, this new figure marks its highest point since the beginning of the year.
Over the past 24 hours, SOL’s TVL witnessed a substantial increase of approximately 4.15%, surging from $324.64 million on Sunday to $338.82 million on Monday. This surge can be attributed to the strong performance of popular Solana-based projects, including Drift, Marginfi, and Solend.
Despite these notable achievements, it’s important to note that these figures are still far from the peak levels reached during the bull market. Solana’s TVL reached an all-time high of slightly over $10 billion in November 2021 before undergoing a sharp decline, bottoming out at $210 million in January 2023