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Coin Telegraph

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Why is Solana (SOL) price up today?

  • Solana (SOL) price has surged by 8% to $152 with a 35% increase in trading volume and a 5% rise in futures open interest, indicating strong demand.
  • Solana's total value locked (TVL) has surged by 25% in the last 30 days, with decentralized exchange (DEX) volumes skyrocketing by 90% led by Sanctum and Raydium.
  • A V-shaped recovery for SOL is anticipated to target $250 if the price breaks through the $160-$200 resistance zone, with the possibility of reaching all-time highs above $294.
  • Increasing futures open interest, positive funding rates, rising onchain activity, and a V-shaped recovery pattern suggest a bullish outlook for Solana.

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