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Solana price is up 6% on Friday amid calls to sustain the uptrend eyeing a breach of the $200 resistance before August. Trading has been volatile this week following the debut of Ethereum ETFs’ trading in the US.
After retesting support at $165, SOL instantly changed direction tackling resistance at $170 before moving up to exchange at $178 during US business hours.
Various factors are expected to affect Solana’s movements including the futures market open interest as it recovers from a drastic drop earlier in the month.
Inflation is another key factor traders must keep an eye on, especially with the last few months hinting a consistent downtrend.
This has also prompted alls for the first rate cut. However, the Federal Reserve appears hawkish, possibly looking for further trend confirmation in the quest to achieve the 2% inflation goal.
<h2 class="p1" id="sol-defi-tvl-soars-as-crypto-prices-recover">SOL DeFi TVL Soars As Crypto Prices Recover</h2>
Solana’s competitive decentralised finance (<a href="https://coingape.com/glossary/defi-decentralized-finance/" rel="noopener noreferrer nofollow">DeFi</a>) sector is back to making commendable strides following noticeable correction from May’s peak of $4.97 billion to a low of $4.02 billion in July.
At $5.34 billion, Solana’s <a href="https://coingape.com/glossary/tvl-total-value-locked/" rel="noopener noreferrer nofollow">Total Value Locked</a> (TVL) grew by 15% in July, highlighting improving sentiment in the future of the smart contracts token.
<figure id="attachment_209645" aria-describedby="caption-attachment-209645" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-209645" src="https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.35.34.png" alt="Solana DeFi TVL | Defi Llama" width="2224" height="1076" srcset="https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.35.34.png 2224w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.35.34-300x145.png 300w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.35.34-1224x592.png 1224w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.35.34-768x372.png 768w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.35.34-1536x743.png 1536w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.35.34-2048x991.png 2048w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.35.34-150x73.png 150w" sizes="(max-width: 2224px) 100vw, 2224px">
 <figcaption id="caption-attachment-209645" class="wp-caption-text">
 Solana DeFi TVL | Defi Llama
 </figcaption>
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As more peopled lock Solana in smart contracts within the ecosystem, chances of the price soaring to new highs significantly increase. This metric is used as a long-term trend indicator.
Additionally, the Solana futures open interest (OI) improved in the last 24 hours currently up 9% to $2.7 billion on <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/BitcoinOpenInterest">Coinglass</a>. The OI of an asset refers to the total number of outstanding derivative contracts yet to be settled.
<figure id="attachment_209644" aria-describedby="caption-attachment-209644" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-209644" src="https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.08.05.png" alt="Solana Open Interest | Coinglass" width="2750" height="946" srcset="https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.08.05.png 2750w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.08.05-300x103.png 300w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.08.05-1224x421.png 1224w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.08.05-768x264.png 768w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.08.05-1536x528.png 1536w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.08.05-2048x705.png 2048w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-26-at-14.08.05-150x52.png 150w" sizes="(max-width: 2750px) 100vw, 2750px">
 <figcaption id="caption-attachment-209644" class="wp-caption-text">
 Solana Open Interest | Coinglass
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</figure>
Should the SOL OI continue to rise alongside the price, it will signal new money coming into the market and this is bullish.
<h2 class="p1" id="can-solana-price-tag-220-before-august">Can Solana Price Tag $220 Before August?</h2>
The <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> recovery to $178 from support at $165 was backed by a buy signal from the Moving Average Converge Divergence (MACD). A golden cross in the daily timeframe further reignited interest SOL’s trend revisal.
<figure id="attachment_209647" aria-describedby="caption-attachment-209647" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-209647" src="https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-26_16-18-31.png" alt="Solana Price Aims for $220 After 15% Surge In TVL In July  " width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-26_16-18-31.png 2694w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-26_16-18-31-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-26_16-18-31-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-26_16-18-31-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-26_16-18-31-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-26_16-18-31-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/07/SOLUSD_2024-07-26_16-18-31-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-209647" class="wp-caption-text">
 Solana price chart | Tradingview
 </figcaption>
</figure>
Solana’s current position above the descending trend line drawn on the chart points to a bullish era with bulls yearning to push the price above $200 this weekend.
A previous <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">SOL price prediction</a> reveals that breaching the immediate $180 barrier could spur FOMO as traders append to their open buy orders. With volume increasing, Solana price would have the capacity to reach $220 before advancing to the previous all-time high of $260.
The post <a href="https://coingape.com/markets/solana-price-aims-for-220-after-15-tvl-surge-in-july/" rel="noopener noreferrer nofollow">Solana Price Aims for $220 After 15% TVL Surge In July  </a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Aims for $220 After 15% TVL Surge In July

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