- Solana (SOL) stands out as a top performer, gaining 8.01% in the past 7 days and trading above $24.
- Solana outpaces rivals, witnessing a 15% surge in locked funds in the past month.
In a week of volatile price action in the global cryptocurrency market, Solana (SOL) has emerged as a top performer, currently trading above $24 and possessing a significant 8.01% gain in the past 7 days. The coin’s recent surge has ignited speculation among investors, about the potential breach of the $30 resistance threshold.
Also, SOL’s trading volume exceeded $359 million in the last 24 hours, and the coin’s rise has sparked speculation among investors about its potential to breach the $30 resistance level.
Solana (SOL) TVL (Source: DeFiLlama)
One of the driving factors behind Solana’s surge has been its remarkable growth in terms of total value locked (TVL). Notably outpacing its competitor, Ethereum. Solana witnessed a substantial 15% increase in the funds locked within its ecosystem just last month.
This surge in locked funds has propelled Solana to climb the ranks, securing its position as the 9th largest chain in terms of locked assets, according to data from DeFi Llama. Recorded a remarkable leap from $205.11 million at the beginning of the year to $322.95 million at present.
Solana (SOL) Will Hit $30?
Solana’s (SOL) daily chart shows that the asset has traded positively in the past 24-hour market time. Bullish price action on the cryptocurrency indicates that it is trading above the Exponential Moving Average (EMA), signaling a potentially strong uptrend and positive momentum in its price.
Solana (SOL) Price Chart (Source: TradingView)
On the other hand, the Relative Strength Index (RSI) currently hovers at 57.74, suggesting a balanced between overbought and oversold conditions. As the RSI maintains this delicate balance, the crypto community remains on the edge of its seat. Awaiting further developments that could herald SOL’s ascent beyond the $30 threshold.
According to CoinMarketCap, Solana traded at $24.64, soaring 2% in the last 24-hour and 12% in the past month.
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