Solana (SOL) Continues Its Upward Trend
Solana (SOL) is trading above $204 on Monday. It rose more than 6% last week. This growth comes amid higher on-chain activity, more institutional interest, and increased whale participation. Experts see this as a sign of confidence in Solana’s future. The technical outlook suggests a possible rally toward $230.
On-Chain Activity Shows Strong Support for SOL
- Solana’s Total Value Locked (TVL) rose to $11.83 billion on Monday. This is up from $10.42 billion on October 11.
- TVL is close to the record high of $13.22 billion reached on September 14, according to DefiLlama data.
- A higher TVL means more users are using or depositing assets in Solana-based apps.
- CryptoQuant reports large whale orders in both spot and futures markets.
- Solana’s long-to-short ratio is 1.07, the highest in over a month, showing more bullish bets from traders, per Coinglass.
Solana’s Growing Adoption in Finance
- Gemini launched a credit card offering up to 4% instant rewards in SOL.
- Solana opened a new hub at 35 Wall Street.
- Fidelity has started giving retail investors access to SOL.
- Hong Kong approved its first Solana Spot ETFs.
- These developments highlight Solana’s rise in mainstream and institutional use.
Price Forecast: SOL Eyes $230 Target
Solana’s price found support near its ascending trendline last Wednesday. It then rose 11% over four days. Now, SOL trades above $204.
If SOL closes above its 50-day Exponential Moving Average (EMA) of $202.88 daily, the price may climb toward $230.
The Relative Strength Index (RSI) is 52, above neutral 50, showing growing bullish momentum. The Moving Average Convergence Divergence (MACD) had a bullish crossover on Saturday, which signals buying strength.
However, if prices pull back, SOL could drop to the 50% retracement level near $189.76.
