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Solana price is above $190, with intraday highs of $192 as bulls target the psychological $200 level.
Analysts say SOL could explode above the $190 level amid current altcoin gains.
Institutional interest in Solana continues amid investment product inflows.
Solana (SOL) is trading above $190 on Monday, breaking higher to hit its highest level since February.
This comes as SOL gained over 14% this past week and by more than 34% in the past month, buoyed by a rally for altcoins after the GENIUS Act became law.
With on-chain activity and technical indicators bullish, analysts say a breakout above $190 could see Solana rally hard. Other altcoins, including Ethereum, XRP, and Cardano, are also bullish.
Solana has recently ticked higher amid an upward trend that excites bulls, with analysts noting it’s poised for a potential parabolic move if it breaks above a critical resistance level.
According to an analysis by Glassnode, the next major resistance for SOL is around $190, where investors have accumulated over 8 million Solana tokens.
Although this accumulation zone represents a significant hurdle, bulls are currently retesting it.
Buyers have in the past 24 hours gained nearly 7% to breach the supply barrier and reach intraday highs of $191.79.
Furthermore, Glassnode suggests breaking above this level could be key as the supply becomes less dense.
As a thinning supply zone sits above $190, the $200 price level could be on the cards.
As noted, market forecasts for Solana are increasingly optimistic, with a confluence of technical and on-chain factors in favour.
Liquidations have jumped as shorts feel the heat, accounting for over $12 million of the $16 million wiped out in the past 24 hours.
Notably, market observers say that high market activity has often seen SOL liquidations explode on Solana-based perpetual trading platforms.
This surge in on-chain liquidations underscores the intense trading volume and speculative interest in SOL, particularly on decentralized platforms leveraging Solana’s high-speed blockchain.
Crypto analyst Ali Martinez says a break above $189 for SOL leaves nearly no major hurdle for bulls.
Solana’s total value locked (TVL) amid a massive spike in decentralized finance (DeFi) adoption adds to the bullish sentiment for SOL.
Solana-based digital asset products exchange-traded products have also been on an upward trend in terms of inflows.
The ETPs, including exchange-traded funds (ETFs), managed over $39.1 million in inflows for the past week.
While it lagged Bitcoin’s $2.19 billion in weekly inflows, the number is a reflection of growing adoption for SOL.
DeFi TVL on Solana has in fact jumped to $10.2 billion, hitting the milestone for the first time in nearly two years.
The SOL price appreciation has helped push the TVL up, with Jito Sol up to $3.09 billion, Jupiter Exchange to $2.9 billion and Kamino Finance to $2.89 billion.
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Analysts say SOL could explode above the $190 level amid current altcoin gains.
Institutional interest in Solana continues amid investment product inflows.
Solana (SOL) is trading above $190 on Monday, breaking higher to hit its highest level since February.
This comes as SOL gained over 14% this past week and by more than 34% in the past month, buoyed by a rally for altcoins after the GENIUS Act became law.
With on-chain activity and technical indicators bullish, analysts say a breakout above $190 could see Solana rally hard. Other altcoins, including Ethereum, XRP, and Cardano, are also bullish.
Solana price breaches key resistance level
Solana has recently ticked higher amid an upward trend that excites bulls, with analysts noting it’s poised for a potential parabolic move if it breaks above a critical resistance level.
According to an analysis by Glassnode, the next major resistance for SOL is around $190, where investors have accumulated over 8 million Solana tokens.
Although this accumulation zone represents a significant hurdle, bulls are currently retesting it.
Buyers have in the past 24 hours gained nearly 7% to breach the supply barrier and reach intraday highs of $191.79.
Furthermore, Glassnode suggests breaking above this level could be key as the supply becomes less dense.
As a thinning supply zone sits above $190, the $200 price level could be on the cards.
SOL price forecast
As noted, market forecasts for Solana are increasingly optimistic, with a confluence of technical and on-chain factors in favour.
Liquidations have jumped as shorts feel the heat, accounting for over $12 million of the $16 million wiped out in the past 24 hours.
Notably, market observers say that high market activity has often seen SOL liquidations explode on Solana-based perpetual trading platforms.
This surge in on-chain liquidations underscores the intense trading volume and speculative interest in SOL, particularly on decentralized platforms leveraging Solana’s high-speed blockchain.
Crypto analyst Ali Martinez says a break above $189 for SOL leaves nearly no major hurdle for bulls.
Solana’s total value locked (TVL) amid a massive spike in decentralized finance (DeFi) adoption adds to the bullish sentiment for SOL.
Solana-based digital asset products exchange-traded products have also been on an upward trend in terms of inflows.
The ETPs, including exchange-traded funds (ETFs), managed over $39.1 million in inflows for the past week.
While it lagged Bitcoin’s $2.19 billion in weekly inflows, the number is a reflection of growing adoption for SOL.
DeFi TVL on Solana has in fact jumped to $10.2 billion, hitting the milestone for the first time in nearly two years.
The SOL price appreciation has helped push the TVL up, with Jito Sol up to $3.09 billion, Jupiter Exchange to $2.9 billion and Kamino Finance to $2.89 billion.
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Source link
The post Solana price prediction: SOL targets breakout above $200 appeared first on Panther AI.
Continue reading...