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The broader crypto market recently suffered a short-term setback, losing its upward momentum. Top cryptocurrencies, including Solana (SOL), were not left out of the volatility. SOL's price fell to a low of between $215 and $220 on the daily chart earlier this week.
Solana’s price rebound
However, Solana has turned and is trading amid definitive bullish momentum.
As of this writing, the SOL price was trading at $225.43, experiencing a 4.25% increase in the last 24 hours. Many analysts speculate this surge is just the beginning of Solana's price recovery.
Alex DovbnyaSolana's performance surpasses other top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Bitcoin's price slightly increased by 0.69% in the last 24 hours, while Ethereum surged 0.2% within the same time frame. This trend has ignited optimism among investors that SOL could lead the next market rebound.
Historically, SOL has demonstrated the ability to recover quickly after market corrections, frequently propelled by community-driven hype.
Bullish indicators sparking investors' optimism
Moreover, Solana has gained ground across critical performance indicators. According to DefiLlama data, Solana's Total Value Locked (TVL) has surged to $9.103 billion.
This indicates a higher level of user trust in a platform's security and reliability. SOL's price is expected to increase as investors demonstrate confidence by locking more assets into the platform.
Gamza KhanzadaevAnother key metric suggesting a bullish outlook is Solana’s Futures Open Interest (OI). Within the last 24 hours, this metric increased by 2.18% to $5.17 billion, according to CoinGlass. This increase reflects heightened engagement and confidence in its market potential as investors speculate on Solana’s future price direction.
Solana's price outlook remains bullish, driven by a rising TVL in DeFi, hype around the spot SOL ETF, an active developer community, increasing OI and positive market sentiment. These metrics collectively suggest that SOL could be on track for new all-time highs and lead the next market's rebound.
Gamza Khanzadaev
Alex Dovbnya
Dan Burgin
Vladislav Sopov