United States Dollar - Bitcoin /BTC

What’s next for SOL price after recent correction?

[cryptoalerts]

Solana (SOL) rose to a three-month high of $183.38 on Tuesday but saw a small correction afterward. This shift raises questions about the SOL price prediction for the coming weeks.

Uptrend Targets:

If the uptrend continues, SOL might reach the Fair Value Gap (FVG) between $193.69 (a 9% increase) and $192.24.

MACD Indicator:

The Moving Average Convergence Divergence (MACD) shows positive momentum with green bars above the neutral line.
 

• Caution: If the bars turn red and drop below the neutral line, it may signal a price reversal.

• Support Level:
  In case of a more significant pullback, SOL could find support at the 10-day Exponential Moving Average (EMA), which is around $156.03.
  
   

Factors Boosting Solana’s Growth

1. Increased Total Value Locked (TVL):

   • TVL in Solana has hit a two-year high, showing greater trust and investment in its ecosystem.

1. DEX Volume Growth:

   • Solana outperformed Ethereum in DEX volume growth, demonstrating its efficiency in decentralized trading.

1. Healthy Buying Activity:

   • Low leverage in SOL futures indicates that the current rally is driven by genuine buying interest, not just speculation.

1. Technological Edge:

   • Solana’s high-performance blockchain offers faster transactions and lower fees, attracting more developers and users.

 

Solana’s strong TVL, DEX growth, and technological advancements position it well for future price increases. Traders should keep an eye on key indicators to monitor any potential changes in trend.