Today, it is the fifth largest cryptocurrency solana There was a 4% increase in (SOL) price and it regained the $170 level. This increase triggered a massive upward move in the overall crypto market. This significant price increase in SOL was driven by the launch of Marginfi, Solana’s first liquidity layer, and the breach of the key $158 level.
Arthur Hayes’ Exuberance After Solana Price Increase
Arthur Hayes, a leading trader, co-founder, and former BitMEX CEO, posted on X and emphasized that SOL is “in one of those moods.” “Are we back yet?” asked. This post shows that Hayes has stayed in SOL for a long time and has an expectation similar to the bull run that SOL experienced in 2023.
The current upward move began immediately after the release of United States CPI data. Over the past seven days, SOL has seen massive adoption, with more than 132 thousand new tokens and NFTs created on its network. These important developments attracted the attention of both investors and institutions, resulting in a price increase of approximately 20% in the last two days.
Over the last 30 days, Solana’s Total Value Locked (TVL) has also increased by 25% to $4.5 billion. This significant increase in TVL may indicate significant adoption of Solana by investors and developers.
With all these developments, Solana is currently trading around $170. It has experienced an upward momentum of approximately 4% in the last 24 hours. Over a longer period of time, SOL has seen a price increase of over 10% in the last seven days and over 20% in the last 30 days despite various uncertainties.
Solana Technical Analysis and Key Levels
According to expert technical analysis, SOL recently broke out of the inverse head and shoulders price action formation on the daily time frame, indicating a bullish move on the chart. With this break, SOL regained the $ 170 level. There is a high probability that SOL will reach the $200 level or even higher in the coming days. Looking at the daily chart, there are currently no major resistances that could act as a dent or stop SOL up to $200, although minor price corrections could occur during the price increase.
Besides the SOL price increase, Solana-based tokens such as Chainlink (LINK), Jupiter (JUP), and Arweave (AR) also experienced increases of over 20%, 5%, and 10% respectively. According to CoinMarketCap, 24-hour trading volume in the Solana ecosystem has increased by 50%, now approaching $87 billion, and market capitalization has increased by 5%, now reaching $220 billion.
