bullish

Solana

DeFi

Billion

Spike

Solana price dipped slightly by 1.02% to $159 during the relatively calm weekend. This minor pullback suggests a brief pause for buyers to regain strength after notable growth earlier in the week. Thus, the bulls may soon push for a stronger recovery, with the SOL/USDT daily chart forming a bull flag pattern. 
<h2 id="solana-price-bounced-amid-tvl-spike-and-whale-accumulation">Solana Price Bounced Amid TVL Spike and Whale Accumulation</h2> 
According to the on-chain tracker lookonchain, a whale recently purchased 28,717 SOL, valued at approximately $4.56 million, from Binance and staked the entire amount. This substantial acquisition indicates the whale’s confidence in Solana’s long-term potential. 
<blockquote class="twitter-tweet"> 
 A whale bought 28,717 <a rel="nofollow" href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($4.56M) from <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> today and staked it.<a rel="nofollow" href="https://t.co/X26MdvAuKh">https://t.co/X26MdvAuKh</a> <a rel="nofollow" href="https://t.co/iavZfNs9mb">pic.twitter.com/iavZfNs9mb</a> 
 — Lookonchain (@lookonchain) <a rel="nofollow" href="https://twitter.com/lookonchain/status/1827712266961391700?ref_src=twsrc%5Etfw">August 25, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
In addition, the Total Value Locked (TVL) in Solana witnessed notable growth in August. Data from <a rel="nofollow" href="https://defillama.com/">DefiLlama</a> shows a bounce from $3.82 to $5.4 Billion within three weeks, registering a 42% spike. This TVL increase indicates growing confidence and participation in Solana’s DeFi ecosystem. 
The rising TVL and significant whale activity substantially impacted the Solana price. This development has boosted the coin price to $159, contributing to a market cap of $74.3 Billion. 
<iframe loading="lazy" title="DefiLlama" src="https://defillama.com/chart/chain/Solana?&amp;theme=dark" width="100%" height="360px" frameborder="0"></iframe> 
<h2 id="span-style-font-weight-400-sol-price-heading-for-a-flag-pattern-breakout-span">SOL Price Heading For a Flag Pattern Breakout</h2> 
The <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/">Solana price prediction</a> showcased a notable swing from $138.7 to $159 within a week, registering a 15% growth. This bullish turnaround followed the broader market recovery as Bitcoin price <a href="https://coingape.com/why-is-bitcoin-btc-price-pumping-today/">rallied above $64000</a> on Friday. 
Moreover, the daily chart reversal of the current recovery bolstered the formation of a bullish continuation pattern flag. In theory, this pattern drives a temporary pullback for buyers to regain strength before the next breakout. 
The price recovery above the daily Exponential Moving Averages (20, 50, 100, and 200) hints at a positive shift in market trend. Thus, with sustained buying, the <a href="https://coingape.com/price/solana/">SOL price</a> could rise 18% before a major breakout from flag resistance.&nbsp; 
A successful flip above the overhead trendline will bolster buyers to drive an 11.5% jump to hit $210, followed by $240. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/5/575sMEyA.png" alt="Solana price" width="1946" height="893">
 <figcaption class="wp-caption-text">
 SOL/USDT in1d Chart
 </figcaption>
</figure> 
On the contrary, if the selling pressure at the flag’s upper boundary persists, the price could drive <a href="https://coingape.com/markets/solana-price-analysis-sol-struggles-under-150-whats-next/">another reversal</a>, invalidating the bullish breakout. 
The post <a href="https://coingape.com/markets/solana-price-18-away-from-major-flag-pattern-breakout/">Solana Price 18% Away from Major Flag Pattern Breakout</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price 18% Away from Major Flag Pattern Breakout

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