Convergence

Solana

Defi

Divergence

Solana price took a massive tumble last week as <a href="https://coingape.com/markets/bitcoin-price-forecast-how-to-navigate-btc-pre-halving-macroeconomic-uncertainties/" rel="noopener noreferrer nofollow">Bitcoin</a> nosedived to $61,000 caught in the rising geopolitical tensions between Israel and Iran. Globally, risk assets turned red, with SOL sliding to $120 on Saturday.
The widespread selling pressure and instability spilled into the new week, holding SOL hostage between support at $120 and acute resistance at $120.
The competitive smart contracts token boasting $62 billion in market cap and ranking #5 among other cryptos had recovered to $141 on Thursday while showing signs of an incoming trend reversal.
<h2 class="p1" id="solana-price-ignites-bullish-momentum">Solana Price Ignites Bullish Momentum</h2>
Traders are ready to get back in the game, considering a 4% surge in the trading volume to $5 billion on <a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">CoinMarketCap</a>. The sudden interest in SOL longs underscores a modest 7.25% increase in value, thanks to the robust support by the ascending trendline.
The following few days will be essential to <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">Solana</a> and may determine whether the $200 is within reach, or traders should prepare for doldrums between support at $120 and resistance at $150.
<figure id="attachment_192330" aria-describedby="caption-attachment-192330" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-192330" src="https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-18_19-25-07.png" alt="Solana price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-18_19-25-07.png 2694w, https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-18_19-25-07-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-18_19-25-07-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-18_19-25-07-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-18_19-25-07-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-18_19-25-07-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/04/SOLUSD_2024-04-18_19-25-07-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-192330" class="wp-caption-text">
 Solana price chart | Tradingview
 </figcaption>
</figure>
Select technical indicators like the Moving Average Convergence Divergence (MACD) hint at a difficult recovery journey, mirroring a sell signal on the daily chart.
If the Relative Strength Index (RSI) sustains the uptick from near oversold conditions, Solana price could gain momentum and close the gap to $200.
Solana’s position below two key moving averages; the 50-day Exponential Moving Average (EMA) and the 20-day EMA (the red and blue lines on the chart), implies that bulls may be disadvantaged at the moment.
It also means that <a href="https://coingape.com/solana-meme-coin-mew-unveils-major-listing-price-recovery-ahead/" rel="noopener noreferrer nofollow">Solana price</a> will require an extra push to validate the long-term bullish thesis to $200.
With support at $140 still, unconfirmed, further losses cannot be ruled out, hence the importance of investors preparing to dollar cost average (DCA) if the price plunges below the trend line. The key support areas to keep in mind in this case are $130, $120, and the 200-day EMA (purple line at $107).
On the decentralized finance (DeFi) front, Solana continues to witness declining total value-locked (TVL) volumes. According to monitoring platforms like <a href="https://defillama.com/chain/Solana" rel="noopener noreferrer nofollow">Defi Llama</a>, a recent peak of $4.89 billion — the value of SOL in various smart contacts protocols within the ecosystem has dropped to $3.55 billion.
<figure id="attachment_192329" aria-describedby="caption-attachment-192329" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-192329" src="https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-at-19.37.31.png" alt="Solana Defi TVL | Defi Llama" width="2302" height="1112" srcset="https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-at-19.37.31.png 2302w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-at-19.37.31-300x145.png 300w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-at-19.37.31-1224x591.png 1224w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-at-19.37.31-768x371.png 768w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-at-19.37.31-1536x742.png 1536w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-at-19.37.31-2048x989.png 2048w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-at-19.37.31-150x72.png 150w" sizes="(max-width: 2302px) 100vw, 2302px">
 <figcaption id="caption-attachment-192329" class="wp-caption-text">
 Solana Defi TVL | Defi Llama
 </figcaption>
</figure>
The downtrend in the TVL signals falling confidence among investors in the future value of Solana. In other words, they are pulling their holdings from staking contracts in readiness to sell, which emphasizes the recent drop to $120.
The post <a href="https://coingape.com/markets/solana-price-considers-rebound-to-200-can-traders-bet-on-sol/" rel="noopener noreferrer nofollow">Solana Price Considers Rebound To $200 – Can Traders Bet On SOL?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Considers Rebound To $200 – Can Traders Bet On SOL?

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