In recent days, Solana (SOL) has been capturing attention in the cryptocurrency community due to a combination of technical and fundamental factors that could support its growth.
Current Market Situation of Solana (SOL)
Currently, SOL remains range-bound between $142 and $158, indicating a potential completion of corrective wave (2). Analysts emphasize that a break above $159.50 could shift momentum and initiate a new bullish trend.
Technical Analysis and Support Levels
Recent analyses indicate that SOL may experience a breakout from the range; however, support levels around $142-$158 may benefit from any positive signals. This dynamic suggests that if support holds, SOL might see upward movement towards $210, as predicted by FXStreet.
Fundamental Drivers Supporting SOL Growth
A key catalyst for SOL’s growth has been the recent Agave v2.2 upgrade, which increased blockchain throughput by 20%, raising it to 65,000 transactions per second. In the past month, the total value locked (TVL) has risen from $5.1 billion to $5.8 billion, signaling increased activity in the DeFi sector.
Thus, Solana (SOL) appears to be a promising asset in the cryptocurrency market, considering both technical and fundamental factors. Monitoring the $159.50 level will be crucial for a potential breakout.
