The post Solana Price Forecast: Support at $150 Crucial Amid Surging DeFi Transactions and TVL appeared on BitcoinEthereumNews.com.

Solana has maintained a crucial support level of $150, which has been significant in preventing a further decline to $140. Interestingly, there has been a surge in DeFi activities, with a noticeable increase in transactions and active addresses within the Solana network. A notable quote indicates a growing optimism for a spot Solana ETF in 2024, keeping investor sentiment buoyant. Discover the latest developments in the Solana ecosystem, from price supports to an optimistic outlook for a spot ETF in 2024, providing a bullish forecast for investors. Key Price Support and DeFi Growth: A Bullish Indicator Solana’s price remains above the $150 support level, indicating potential stability and resilience. The decentralized finance (DeFi) sector within the Solana ecosystem has shown significant growth, with transactions now exceeding 36.2 million from roughly 966,000 active addresses. This surge in activity points to increasing investor confidence and a likely bullish trend. Implications of a Potential Spot Solana ETF Approval The possibility of a spot Solana ETF being approved by the U.S. SEC in 2024 has injected optimism into the market. Brazil’s SEC has already taken preliminary steps towards such approvals, setting a promising precedent. Should these ETFs be approved, it could significantly elevate Solana’s popularity and trading volume, pushing its price to new heights. Analyzing Technical Indicators: Support and Resistance Levels Despite Solana facing resistance around the $160 mark, traders are optimistic that short-term support at $150 will absorb any immediate selling pressure. With a recovering Total Value Locked (TVL) now at $4.95 billion, the ecosystem looks robust. Rising TVL often correlates with asset prices, suggesting upward momentum as more capital is staked. Long-Term Outlook: Strategic Moves for Traders Conservative traders may look for a buy signal from the Moving Average Convergence Divergence (MACD) indicator. The MACD line crossing above the signal line could…

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Filed under: News - @ August 10, 2024 1:18 am