Price: $0.19598 1.2341%
Market Cap: 28.75B 1.1425%
Volume (24h): 4.79B 0.2%
Dominance: 1.1425%
Price: $0.19598 1.2341%
Market Cap: 28.75B 1.1425%
Volume (24h): 4.79B 0.2%
Dominance: 1.1425% 1.1425%
  • Price: $0.19598 1.2341%
  • Market Cap: 28.75B 1.1425%
  • Volume (24h): 4.79B 0.2%
  • Dominance: 1.1425% 1.1425%
  • Price: $0.19598 1.2341%
Home > Information news > Solana (SOL) Price Skyrockets; Inches Closer to $25 Key Level

Solana (SOL) Price Skyrockets; Inches Closer to $25 Key Level

Release: 2023/10/02 22:07 Reading: 502

Original author:TheNewsCrypto

Original source:https://coinmarketcap.com/community/articles/651acbae82aa5e3e2ec394a1

  • Solana is now the seventh most valuable cryptocurrency as per CMC.
  • If the price breaks decisively over the $25 resistance, it may go towards $27.50.

Lately, the price of Solana (SOL) skyrocketed, coming alarmingly close to $25. Due to its recent price increase, Solana is now the seventh most valuable cryptocurrency, surpassing both Dogecoin (DOGE) and Cardano (ADA).

This year, the TVL for Solana reached a new high of $338.21 million. This provides some good news for Solana fans after a year full of setbacks.

Bulls in Total Control

Solana’s TVL rose 4.15 percent from $324.64 million yesterday, for a yearly growth of nearly 38 percent from its $210.47 million starting point on January 1. These numbers, however, cannot make up for the shocking 60% drop in TVL starting in 2022.

In comparison to Solana’s high of over $10 billion in 2021, the TVL’s present recovery is notable but not very impressive. Its TVL has increased by almost $116 million year to date, which might indicate a positive sentiment. At the time of writing, SOL is trading at $24.18, up 6.18% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 39.83%. In terms of technical analysis, the first key barrier is at $24.60, followed by $25. 

If the price breaks decisively over the $25 resistance, it may go towards the $27.50, with the next major barrier seen around the $28.80 area. If the current trend keeps on, the price may soon hit $30. However, if SOL cannot find buyers between $24.50 and $25, it may change course. The $23.20 price point, together with the adjacent trend line, provides initial downward support.

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