Solana Price Breaks 4-Month Stagnation with 41.3% Surge and $172.2 Target
The post Solana Price Breaks 4-Month Stagnation with 41.3% Surge and $172.2 Target appeared on BitcoinEthereumNews.com.
Solana recently ended a 4-month period of consolidation with a breakout from a triangle pattern. The SOL price surged 41.3% to $172.2, accompanied by a 27.6% increase in Total Value Locked (TVL) and a 26% rise in active addresses. “The 20-day EMA crossing above the 50-and-100-day EMAs slope highlights buyers are gradually strengthening their hold over this asset,” noted a market expert. Discover how Solana’s breakout from a prolonged consolidation phase is poised to initiate a new bullish cycle, driving significant market activity and investor interest. Solana’s Triangle Pattern Breakout Marks New Bullish Cycle Solana’s price analysis indicates the end of a four-month consolidation phase, culminating in a breakout from a triangle pattern. This price action flipped the $170 region into a possible support level. The breakout saw SOL prices surge by 41.3%, reaching $172.2, while the TVL on the Solana network grew by 27.6%. This growth in TVL signifies increasing investor confidence and capital inflows. Technical Indicators Point to Strengthening Bullish Momentum The 20-day Exponential Moving Average (EMA) crossing above the 50-and-100-day EMA slopes is a bullish signal, highlighting the increased buying momentum. This crossover suggests that buyers are steadily gaining strength, which could push the SOL price higher. However, the recent 13.7% decline in 24-hour trading volume to $1.89 billion suggests that traders are cautiously optimistic. On-Chain Metrics Reflect Increased User Engagement Solana’s on-chain metrics offer valuable insights into its recent price dynamics. The number of active addresses on the Solana network increased by 26%, rising from 1.44 million to 1.82 million. This uptick in active addresses indicates heightened user engagement and growing interaction with the Solana blockchain, which typically precedes a stronger market sentiment for the asset. Recovery in Total Value Locked (TVL) Shows Boost in Investor Confidence The Total Value Locked (TVL) in Solana has climbed…
Filed under: News - @ July 21, 2024 5:21 pm