Solana (SOL) has seen immense growth recently, with its price breaking $50 for the first time in 1.5 years. This milestone comes alongside over $17 million worth of short positions being liquidated, signaling a surge of bullish momentum.

SOL’s price is expected to consolidate around the $50 level in the short-term after reaching a recent high of $52. If buyers can push through resistance at $59, experts anticipate SOL targeting $68-80 next. However, failure to hold above $40 could result in a drop back to test support around $30. Despite some pullbacks, repeated breakout attempts underscore bulls’ growing optimism.

Keypoints

Solana (SOL) price recently surpassed $50 for the first time in 1.5 years, with over $17 million in short liquidations. This signals growing bullish momentum.
The exit of short-term SOL buyers during the price surge is a bullish sign, as it reduces the risk of a sudden sell-off. This could discourage new short positions.
SOL price is expected to consolidate around $50 in the near-term. If it breaks $59 resistance, it could target $68-$80 next. Below $40 could see a drop to $30 support.
Solana’s Total Value Locked (TVL) has surged to $465 million, up from $300 million in early October, indicating strong growth in DeFi. This is still a fraction of its $10B all-time high.
Despite FTX concerns earlier, SOL price has jumped 114% from $21 to over $45, underscoring the importance of community support. It’s up over 300% this year but remains 80% below its $260 all-time high.

Driving Solana’s resurgence is substantial expansion of its DeFi ecosystem. Solana’s Total Value Locked (TVL), a metric of crypto assets deposited in DeFi protocols, has climbed to $465 million – up over 50% from $300 million in early October. Though still a fraction of its $10 billion peak in 2021, this growth highlights strengthening fundamentals.

Beyond market metrics, Solana demonstrates the power of community resilience. Despite earlier FTX-related concerns dragging SOL to a low of $21 in mid-October, energetic buyers have now driven its price to over $45 – a 114% surge. This gives SOL a stellar 300%+ return for 2022 so far. With the FTX overhang fading and developers building actively, Solana is reinforcing its network effects.

Though SOL remains 80% below its all-time high of $260, crossing the psychological $50 barrier has turned heads. With both short-term traders and long-term holders benefiting from the bounce back, Solana is poised to penetrate key resistance levels. Its ascendant price and rising TVL signal a DeFi ecosystem primed for continued adoption. For SOL believers, the only way appears to be up.

The post Solana SOL Price Surges Past $50 as Shorts Get Liquidated and TVL Explodes appeared first on Blockonomi.

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Filed under: Bitcoin - @ November 10, 2023 7:01 pm