After three days of declining Bitcoin dominance, altcoins immediately make a bullish rebound. Solana, like the rest of the cryptocurrency market, is now on a green streak. Solana’s value has increased by more than 7 percent in the last 24 hours, and it is now trading for $208. Its price has risen by more than 35% in the last seven days.
Solana is presently the sixth-largest cryptocurrency in terms of market capitalization, and the third-largest blockchain in the DeFi business in terms of TVL.
The next key resistance level for Solana Price is at $215, and if the bears take control of the intraday trend, the SOL price might go below the $192 support levels.
SOL Price is Leading the Market!
Credible crypto, a pseudonymous crypto expert, informs his 251,900 Twitter followers that he expects Solana (SOL) will explode after breaking out and starting a new phase of its cycle.
“SOL is leading the market and expects to have completed its full-scale fourth wave as a triangle by the end of the week. This indicates that the fifth inflow of SOL’s first macrocycle has begun. This will be amazing, and it will be a sampling of what we will witness in the next months in all cases. “Expect to pay at least $500.”
The trader relies on the Elliott Wave theory, a technical analysis method that forecasts future value movement by studying crowd psychology, which manifests itself in waves.
Solana-based defi procedures have risen from $1.5 billion TVL in August to roughly $13 billion in just two months.
This new high was set on October 21 before reversing to roughly $12.34 billion, according to Defi Llama. The new high also surpassed the previous high of $12.2 billion recorded in September, when the blockchain platform observed an increase in Defi usage on its network.