Solana (SOL) Breaks Through $20 Mark with a 5.12% Price Surge

Solana Coin SOL

As of the latest update, SOL is trading at $20.16, reflecting a 5.12% increase in the past 24 hours. However, if the price were to drop below the critical support level of $19.68, it could potentially test the next support level at $18.78.

In recent months, there has been a notable increase in the Total Value Locked (TVL) within the Solana ecosystem. This growth has occurred despite a substantial decrease in decentralized exchange (DEX) volumes. The declining activity within Solana’s decentralized finance (DeFi) landscape has raised significant concerns, as DEX metrics are crucial indicators of a DeFi network’s overall health and performance.

Coinbase’s layer-2 network, Base, has experienced a remarkable surge in its Total Value Locked (TVL) since its launch in August. As of the current moment, Base boasts a TVL of $353.64 million, surpassing Solana’s TVL, which stands at $320.04 million.

Powerful Recovery

The price of SOL has displayed impressive resilience, staging a rapid recovery this month. What’s even more remarkable is that this surge happened amidst speculations about a potential large-scale sale of SOL tokens by FTX. The sudden surge in investor interest in SOL bodes well for the token’s future value.

Source: CoinMarketCap

Lately, SOL’s price has maintained a relatively stable trajectory. Furthermore, despite heightened volatility in other financial markets on Friday, the price of Bitcoin remained above the $27,000 threshold.

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As of the present moment, SOL is being traded at $20.16, reflecting a 5.12% increase in the past 24 hours, according to data from CMC. Additionally, the trading volume has experienced a rise of 17.21%. Recently, the price successfully breached the $20 psychological threshold; nonetheless, it encountered minor resistance at this juncture.

Should the price successfully surpass the resistance level at $20.40, there’s a likelihood that it will move towards the resistance area at $26.20. Conversely, if the price drops below the support level of $19.68, it is probable that it will test the level at $18.78.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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