Solana gets $200 back – 3 reasons SOL price went up 35% in seven days – News Couple

Solana gets $200 back – 3 reasons SOL price went up 35% in seven days

Solana (SOL) price rallied on Monday in the wake of a market-wide price rally led by Bitcoin (BTC), total volume closed (TVL) at record levels and a promising technical setup.

Bitcoin leads to market rally

SOL rose more than 6% to reach an intraday high at around $214. SOL is now up just over 35% over the past week, pushing it close to a record high of around $222 set in early September.

Bitcoin’s rise to a new record high of $67,000 last week has resulted in the total cryptocurrency market cap exceeding $2.5 trillion in the past seven days, a new milestone for cryptocurrency

Top ten cryptocurrencies and their performance in the past seven days. Source: messari

This helped push Solana higher, with competing cryptocurrencies including Ether (ETH) and Cardano (ADA) also jumping more than 10% and 1%, respectively.

Solana TVL set a record

Solana’s price hike also emerged as TVL for all blockchain-based decentralized finance (DeFi) projects hit a new record high of $13.53 billion, according to data aggregation service DeFi Llama.

Solana TVL hit another high. Source: Devi Lama

The most popular DeFi project on the Solana blockchain was Saber, an automated market maker (AMM) protocol that enables Solana users and applications to trade between stable asset pairs efficiently and generate returns by providing liquidity to the platform.

Its contribution to Solana’s cash pool was $2.05 billion at press time.

Meanwhile, there are four other DeFi projects with a TVL value of over $1 billion. These companies include Raydium ($1.91 billion), Sunny ($1.73 billion), Serum ($1.69 billion), and Marinade Finance ($1.63 billion).

Solana too announce It will add more DeFi projects to its list after completing the “Ignition” hackathon on October 18. Users will need to hold SOL tokens to use these apps, to pay transaction fees, thus raising the probability of the token higher in demand in the future.

SOL . Price Technologies

The recent SOL price rally came as part of a breakout move to get out of what looks like a bullish pennant. As previously reported by Cointelegraph, the technical outlook aims to send SOL to levels equal to the maximum distance between Pennant’s upper and lower trendline around $85.

SOL/USD daily price chart showing the pennant breakout. Source: TradingView

As a result, adding $85 to the breakout level around $158, the moving target for SOL is $243, which is close to $250. Meanwhile, a retest of the pennant’s upper trendline as support may risk invalidating the bullish setup.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risks, you should do your own research when making a decision.