- Solana achieves $6 billion TVL for first time since January 2022.
- Price consolidates around $165, facing resistance at $168.
- Target: potential rise to $180 by early November, with support at $160-$161.
Solana, ranking fifth among cryptocurrencies by market capitalization, continues to demonstrate remarkable resilience despite current market headwinds.
While the price struggles to maintain momentum above $165, the ecosystem’s underlying strength suggests potential for significant upward movement in the near term.
The platform has achieved a remarkable milestone, reaching $6 billion in Total Value Locked (TVL) for the first time since January 2022.
This dramatic increase from previous lows below $500 million reflects growing trader confidence and broader ecosystem adoption. The flourishing meme coin activity within the Solana network has further contributed to maintaining positive momentum.
Solana shows potential bullish pattern
Currently facing resistance around $168, SOL’s price action suggests a potential bullish continuation pattern. A successful breakout could trigger a rally towards $176, with further potential to reach $191. However, this optimistic scenario depends on bulls’ ability to overcome the prevailing bearish trend.
Technical analysis of the 4-hour chart indicates an imminent pullback, with the price testing local support at $164.55.
Increasing sell-side pressure suggests a possible retreat to the rising wedge’s lower support, coinciding with a crucial zone between $160 and $161. Despite these short-term challenges, technical indicators appear primed for a potential bullish reversal.
The accumulation of selling pressure heading into the weekend could mark a significant support level. This timing could prove advantageous, as the final week of each month typically brings increased volatility.
Market observers anticipate SOL potentially closing October above $170, with momentum possibly carrying the price to $180 in early November 2024.
