The price of Solana (SOL) shows growth against the backdrop of improved sentiment in the cryptocurrency market. Recent data indicates a recovery in trader interest.
Market Recovery and Support Level
The recent rise in Solana's price, which increased by 17% over the past six days, occurred after bouncing off the $142 support level. Currently, SOL's price hovers around $158, influenced by key horizontal resistance levels between $165 and $170. An increase in trading volumes by over 40% confirms the restoration of confidence among traders.
Bullish Structure and Expected Targets
Analyst Posty highlighted a breakout structure indicating the recovery of previous demand zones and the formation of higher lows. This creates conditions for a short-term rally up to the $180 level. The first resistance has already been overcome, and a breakout above $170 would signal the continuation of the upward trend.
Fundamental Factors and ETF Approval Expectations
Fundamental data also supports the current growth. Over the past five days, the Total Value Locked in DeFi on Solana has increased by $860 million to $8.81 billion. The increase in user activity on decentralized platforms has also contributed to this growth. Meanwhile, the probability of ETF approval for Solana has reached 61%, which may further boost capital inflow into SOL.
Thus, considering the current price growth and positive technical indicators, Solana has opportunities for further strengthening in the market in the short term, and traders may anticipate continued upward movement.
