Solana (SOL) Price Rises Above $230
Solana (SOL) is trading above $230 on Monday. It gained nearly 9% last week. Strong on-chain data and positive derivative signals show growing investor confidence. Bulls are aiming for the all-time high near $296.
Growing Confidence in Solana’s Ecosystem
Data from DeFiLlama shows Solana’s stablecoin market cap reached a new high of $15.11 billion. This value has been rising steadily since mid-September. The increase in stablecoins suggests more network use. It may attract more users through DeFi, meme coins, and payment applications.
Solana’s Total Value Locked (TVL) also rose from $10.78 billion on September 28 to $12.69 billion on Monday. This is close to the record high of $13.02 billion. A rising TVL means more users are depositing or using assets in Solana-based protocols.
Positive Signals from Solana’s Derivatives Market
Solana’s derivatives data supports a bullish outlook. CoinGlass shows the funding rate flipped positive on Saturday and is 0.0052% on Monday. This means traders betting on price rises are paying those betting on declines. Historically, a positive funding rate often leads to price rallies.
Also, the ratio of long to short positions is at its highest in over a month. This shows more traders expect Solana’s price to go up.
Solana Price Forecast
Solana found support at $193.52 on September 26 and rose 18% by Sunday. It trades near $232 on Monday. If $230 holds as support, SOL could move toward the record high of $295.83.
The Relative Strength Index (RSI) is 57, above the neutral 50 level, showing growing bullish momentum. The Moving Average Convergence Divergence (MACD) also showed a bullish crossover last week. Rising green bars on the MACD histogram suggest the upward trend may continue.
If the price corrects, SOL could drop to the 50-day Exponential Moving Average (EMA) at $213.36.
