- Solana price holds steady near $159 as TVL jumps 44%, reaching $13.4B in 3 months.
- Solana price benefits from $347M in net outflows, indicating strong buying pressure.
- Solana price could break above $189, with $2.48B in long positions signaling bullish sentiment.
Solana price is showing resilience near key support levels, with the potential for a breakout ahead. As the DeFi ecosystem grows and retail outflows increase, the stage is set for a potential rally. With bullish sentiment in the derivatives market, Solana could be poised for significant upward movement soon.
Key Support Levels for Solana Price Stability
Solana price is currently testing key support levels, with the price holding firm near $159. Despite broader market fluctuations, the cryptocurrency dipped slightly to $162 but remains resilient at this level. Maintaining support here is crucial for any potential upward movement.
If Solana can push above this level, the price may target $206, which is a critical Fibonacci retracement level from its previous rally. This level is seen as a key area where the price could either consolidate or break out further.
Source: TradingView
A successful breakout above $206 would likely attract more buyers, setting the stage for a potential move toward $230. Analysts are following closely, and if Solana can maintain momentum and break these resistance levels, it could fuel a strong rally, signaling a bullish trend for the near term.
Solana Price Set for Growth Amid Expanding DeFi Ecosystem
Solana DeFi ecosystem continues to show impressive growth, with the total value locked (TVL) increasing by 44% in just three months, from $9.3 billion in April to $13.4 billion by July.
This surge positions Solana price as the second-largest DeFi chain, ahead of Tron but behind Ethereum. The rise in TVL indicates strong on-chain activity, as more funds are staked, borrowed, and traded, contributing to the network’s overall health.
Retail exchange outflows have also contributed to buying pressure, with $347 million in net outflows last week. This suggests that Solana price is being purchased rather than sold, which reduces immediate sell pressure. As fewer Solana prices are available on exchanges, the price may face less resistance when demand picks up.
Source: DefiLlama
In the derivatives market, bullish sentiment is evident, with $2.48 billion in long positions compared to $1 billion in shorts. This positioning could lead to a short squeeze if the price starts to rise, further supporting a potential breakout.
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