The post Solana under $200 – Understanding what’s next for SOL’s price now appeared on BitcoinEthereumNews.com.

Solana consolidated in a rising wedge pattern below the $200 level. SOL’s TVL including Staking, Borrows, and Liquid Staking hits $20 Billion. Solana’s [SOL] price has decreased by more than 1.50%, currently trading at $191, while its volume has declined by 16% to $2 billion, according to CoinMarketCap. The chart shows a rising wedge pattern forming below the $200 resistance level, a pattern that often precedes a potential reversal to the upside during bullish markets. Despite this, the ascending support line has consistently held, showing strength as prices made higher lows, suggesting a bullish undercurrent. Solana has struggled around the $200 level, which acts as strong resistance, indicating that this price level is critical for future bullish momentum. Source: TradingView Should Solana break above this resistance, it could trigger a significant rally, targeting the next resistance levels at $236 and possibly extending above $400 in Q1 of 2025. However, failure to surpass $200 might result in a pullback to lower support levels around $180. The formation within this wedge, combined with trading volume and market sentiment, will be key indicators for Solana’s potential direction in the first quarter of the year. Watch these levels closely for signs of either continuation or reversal in trend. Solana’s Total Value Locked Solana also showed a strong financial ecosystem in 2024, evidenced by a Total Value Locked (TVL) of $20 billion, an all-time high, signaling robust participation in staking, borrowing, and liquid staking. Stablecoins market cap reached $5.226 billion, reinforcing its liquidity framework. Source: DefiLlama Daily fees collected amounted to $3.22 Million, reflecting high network usage, while volume totaled $3.293 Billion. With $803.19 Million in perpetual volume and active addresses at 4.12 Million, the network’s expansive activity underscored potential price appreciation. Solana’s market cap stood at $91.682 Billion, with the coin trading at $189.47,…

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Filed under: News - @ January 2, 2025 5:03 am