Ethereum

bullish

Solana

Value

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<p dir="ltr">The broader crypto market recently suffered a short-term setback, losing its upward momentum. Top cryptocurrencies, including<a href="https://u.today/solana-sol-reaches-key-level-whats-next-xrp-finds-new-skyrocket-fuel-pepe-pepe-becomes-meme-coin" rel="noopener noreferrer nofollow">Solana</a> (SOL), were not left out of the volatility.<a href="https://u.today/solana-sol-worst-performing-asset-among-crypto-top-whats-up" rel="noopener noreferrer nofollow">SOL's price fell</a> to a low of between $215 and $220 on the daily chart earlier this week.</p>
<h2 id="solana-s-price-rebound">Solana’s price rebound</h2>
<p dir="ltr">However, Solana has turned and is trading amid definitive bullish momentum.</p>
<p dir="ltr">As of this writing, the SOL price was trading at $225.43, experiencing a 4.25% increase in the last 24 hours. Many analysts speculate this surge is just the beginning of Solana's price recovery.</p>
<p dir="ltr">Solana's performance surpasses other top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Bitcoin's price slightly increased by 0.69% in the last 24 hours, while Ethereum surged 0.2% within the same time frame. This trend has ignited optimism among investors that SOL could lead the next market rebound.</p>
<p dir="ltr">Historically, SOL has demonstrated the ability to recover quickly after market corrections, frequently propelled by community-driven hype.</p>
<h2 id="bullish-indicators-sparking-investors-optimism">Bullish indicators sparking investors' optimism</h2>
<p dir="ltr">Moreover, Solana has gained ground across critical performance indicators. According to<a href="https://defillama.com/chain/Solana" rel="noopener noreferrer nofollow">DefiLlama</a> data, Solana's Total Value Locked (TVL) has surged to $9.103 billion.</p>
<p dir="ltr">This indicates a higher level of user trust in a platform's security and reliability. SOL's price is expected to increase as investors demonstrate confidence by locking more assets into the platform.</p>
<p dir="ltr">Another key metric suggesting a bullish outlook is Solana’s Futures Open Interest (OI). Within the last 24 hours, this metric increased by 2.18% to $5.17 billion, according to<a href="https://www.coinglass.com/currencies/SOL" rel="noopener noreferrer nofollow">CoinGlass</a>. This increase reflects heightened engagement and confidence in its market potential as investors speculate on Solana’s future price direction.</p>
<p dir="ltr">Solana's price outlook remains bullish, driven by a rising TVL in DeFi,<a href="https://u.today/solana-etf-hits-roadblock-with-us-sec-but-theres-a-catch" rel="noopener noreferrer nofollow">hype around the spot SOL ETF</a>, an active developer community, increasing OI and positive market sentiment. These metrics collectively suggest that SOL could be on track for new all-time highs and lead the next market's rebound.</p> <a href="https://u.today/can-solana-sol-lead-this-new-market-rebound" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Can Solana (SOL) Lead This New Market Rebound?

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