Flow

Future

Solana

Defi

April

Solana (SOL) price has embarked on an impressive upward journey, demonstrating a powerful bullish trend on its price chart. In the past 24 hours, this altcoin has seen its value rise above the critical level of $190, following a series of corrections in recent days. The&nbsp; <a href="https://coingape.com/price/solana/">Solana price </a>is trading at $190.82, marking an impressive 9% increase within a single day. 
<h2 id="strong-solana-sol-price-prediction-eyeing-the-200-milestone-strong">Solana (SOL) Price Prediction: Eyeing the $200 Milestone</h2> 
Despite a general market downturn earlier, Solana has maintained a steady performance, hinting at a strong potential for a near-term rebound. This resilience is mirrored in the broader crypto market’s recovery, led by a 5% increase in <a href="https://coingape.com/price/bitcoin/">Bitcoin’s</a> price, now above $66,000, and Ethereum’s climb over the $3,500 mark. These gains have ignited a wave of positive momentum across various cryptocurrencies. 
<figure id="attachment_187285" aria-describedby="caption-attachment-187285" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2024/03/Solana-price-chart-e1711035078689.png"><img decoding="async" class="size-full wp-image-187285" src="https://coingape.com/wp-content/uploads/2024/03/Solana-price-chart-e1711035078689.png" alt="Can Solana (SOL) Price Reach $500 In April As TVL Tops $4 Billion?" width="1200" height="553"></a>
 <figcaption id="caption-attachment-187285" class="wp-caption-text">
 Solana (SOL) Price
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Currently, Solana stands as the fifth-largest cryptocurrency by market capitalization, boasting a value of $83.28 billion. This position underscores its significant role in the digital currency ecosystem. However, the coin has experienced a decrease in trading activity, with a 15% drop in volume over the last 24 hours, totaling $7.3 billion. 
Over the last week, <a href="https://coingape.com/solana-price-to-rally-70-as-sol-defies-sell-signal-analyst-predicts/">Solana</a> has enjoyed a 12% increase, with an 81% surge over the past month, indicating a strong bullish trend. The trading range has been notably stable between $160 and $208, pointing to a consistent growth pattern. 
<h2 id="strong-market-dynamics-propel-solana-price-forward-strong">Market Dynamics Propel Solana Price Forward</h2> 
The introduction of Dragon-themed SMOG, a new entrant in Solana’s meme coin arena, has contributed to the recent price surge, following the success of predecessors like BONK, <a href="https://coingape.com/dogwifhat-wif-price-rallies-200-amid-memecoin-rally-robinhood-announces-support/">WIF</a>, and MYRO. 
As Solana inches closer to the significant $200 mark, market dynamics suggest a potential breakout. A rally past the $210 resistance level could usher in a new phase of bullish activity, potentially pushing the price toward $250. 
A trend reversal could pull the <a href="https://coingape.com/markets/3-reasons-why-solana-price-could-tumble-to-140-before-blasting-to-200/">SOL</a> price down to the $160 support level. A bearish market could see prices dropping even further to $140, indicating a potential downturn. 
Also backing the bullish narrative in Solana is the soaring decentralized finance (DeFi) total value locked (TVL), which, according to data from Defi Llama, has peaked at $4.17 billion. This spike in TVL implies that there are fewer SOL tokens in circulation, thereby significantly reducing sell-side pressure.&nbsp; 
<figure id="attachment_187286" aria-describedby="caption-attachment-187286" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2024/03/Solana-TVL-Chart-e1711035147540.png"><img decoding="async" class="size-full wp-image-187286" src="https://coingape.com/wp-content/uploads/2024/03/Solana-TVL-Chart-e1711035147540.png" alt=" Solana (SOL) Price" width="1200" height="548"></a>
 <figcaption id="caption-attachment-187286" class="wp-caption-text">
 Solana (SOL) Price| Source: <a rel="nofollow" href="https://defillama.com/chain/Solana">Defilema</a>
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</figure> 
Long-term interest in SOL is also on an uptrend, buoyed by the spike in staking activity. With this in mind, Solana’s price could persistently shape the rally to hit $500 before the end of April. 
<h2 id="strong-solana-technical-indicators-and-future-trajectory-strong">Solana Technical Indicators and Future Trajectory</h2> 
Technical indicators reinforce the bullish sentiment, with the Chaikin Money Flow index at 0.21, suggesting positive market trends. The Moving Average Convergence Divergence (MACD) also shows a bullish pattern, with the MACD line moving above the signal line. 
<figure id="attachment_187287" aria-describedby="caption-attachment-187287" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2024/03/SOLUSD_2024-03-21_17-44-34.png"><img decoding="async" class="size-full wp-image-187287" src="https://coingape.com/wp-content/uploads/2024/03/SOLUSD_2024-03-21_17-44-34.png" alt="Can Solana (SOL) Price Reach $500 In April As TVL Tops $4 Billion?" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/03/SOLUSD_2024-03-21_17-44-34.png 1154w, https://coingape.com/wp-content/uploads/2024/03/SOLUSD_2024-03-21_17-44-34-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/03/SOLUSD_2024-03-21_17-44-34-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/03/SOLUSD_2024-03-21_17-44-34-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px"></a>
 <figcaption id="caption-attachment-187287" class="wp-caption-text">
 Solana (SOL) Price| Source: <a rel="nofollow" href="https://www.tradingview.com/x/mOtFm5hd/">Tradingview</a>
 </figcaption>
</figure> 
The Relative Strength Index (RSI) stands just above 60, pointing to an optimistic market. The positioning of the 20 Exponential Moving Average above the 50-EMA further supports the anticipation of upcoming gains. 
The post <a href="https://coingape.com/markets/can-solana-sol-price-reach-500-in-april-as-tvl-tops-4-billion/">Can Solana (SOL) Price Reach $500 In April As TVL Tops $4 Billion?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Can Solana (SOL) Price Reach $500 In April As TVL Tops $4 Billion?

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