The Solana price needs to hold the $100 level, or the bears might take it down to the $78-$80 region. At the time of writing, the price is struggling to hold the Fib golden region of $101-$103. A daily close below this level could result in an immediate 10% move downwards. This could make any Solana price prediction very bearish. Therefore, the bulls need to hold the $100 level. Currently, Solana crypto is trading at $102, and it is still 61% below its November 2021 ATH of $260.
Solana has become one of the fastest-growing blockchains in the world. Due to lower gas feels and quick finality, its DeFi ecosystem is constantly expanding. According to DeFi llama, Solana TVL currently stands at a whopping $6.7 billion. This makes it the 5th biggest blockchain in terms of Total Value Locked. Most of the funds are locked in Marinade Finance, Solend and Serum. The platform TVL affects any future Solana price prediction.
As per the latest Solana news, its popular Web 3.0 wallet known as Phantom is available on android OS. It was earlier available as a browser extension. A Solana crypto-sponsored hackathon also placed last month where $5 million was available for funding and prizes.
Sol is the native asset of the Solana blockchain that is used to pay for the gas fees on the network. Technical analysis of Solana coin shows that the coin recently made a higher high of $143.5 on daily and weekly charts. However, the bulls lost momentum at those levels, and the price faced a massive rejection. It is currently trading at $102 and needs to hold the $100 psychological level.
The uptrend in Solana price that started in July 2021 is still intact as the price is still trading above the trendline. Nevertheless, another retest of the trendline around $92 is still possible as it aligns with the 0.786 Fib level. This fib level comes into play when we connect the March lows of $78 with April highs of $143.5. Therefore, for any bullish Solana price prediction, the price must not dip below $78 in any case. If the Sol price holds current levels, it can easily target $170-$180 in the next two months.
This post was last modified on Apr 22, 2022, 14:58 BST 14:58