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A crypto analyst prediction for Solana (SOL) has ignited optimism amid investors as the SOL price surged beyond $200 for the first time after November 2021. The analyst predicted a potential 70% rally as Solana recently defied a key sell signal. Hence, he indicated a bullish outlook before the next sell signal.
<h2 id="will-solana-rally-70">Will Solana Rally 70%?</h2>
In a recent analysis shared on social media platform X, Ali Martinez, a crypto analyst, shared his analysis on Solana price trajectory. He highlighted the invalidation of the TD sell signal on Solana’s daily chart. This development, which signals a bullish outlook for SOL, saw the crypto piercing through the setup risk line at $198.
Moreover, Martinez drew parallels to a similar event last December when a comparable invalidation led to a remarkable 70% surge in <a href="https://coingape.com/solana-sol-dex-volume-hits-3-5b-high-amid-memecoin-explosion/" target="_blank" rel="noopener noreferrer nofollow">Solana</a> price. The analyst is now eyeing the potential for history to repeat itself, with SOL poised to embark on another upward trajectory. As SOL price extended beyond $200, Martinez’s analysis suggests that Solana could be poised for further gains amid countdown toward another sell signal.
This weekend, there was a surge in Solana network activity, surpassing Ethereum’s. The spike was driven by increased demand for Solana-based memecoins. On March 16, Solana’s total trading volume exceeded Ethereum’s, reaching $3.52 billion, marking a $1.1 billion difference, according to DefiLlama.
Notably, on March 14, investors rushed to a recently launched memecoin named <a href="https://coingape.com/binance-news-probe-into-bome-insider-trading/" target="_blank" rel="noopener noreferrer nofollow">Book of Meme (BOME)</a>. The crypto rapidly climbed from insignificance to a market capitalization of $1.45 billion within just 56 hours. Additionally, over the past month, Solana’s decentralized finance (DeFi) total value locked (TVL) surged by over 80%, as reported by DefiLlama.
The impressive growth has propelled Solana’s DeFi TVL to its highest point in the last two years, currently standing at $4.30 billion. Among the top five DeFi networks by TVL, Solana has witnessed the most significant expansion in the past month.
Also Read:&nbsp;<a href="https://coingape.com/sol-price-200-as-solana-trumps-ethereum-in-network-activity/" target="_blank" rel="noopener noreferrer nofollow">Solana Overtakes Ethereum: SOL Price Surges Beyond $200, What’s on the Horizon?</a>
<h2 id="solana-price-surge-continues">Solana Price Surge Continues</h2>
Solana’s phenomenal price surge continued on Monday, March 18. As of writing, the <a href="https://coingape.com/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL price</a> soared 7.13% to $206.26 with a market cap of $91.56 billion. On the contrary, the SOL trade volume slumped 12.17% to $10.74 in the past 24 hours.
On a positive note, Solana registered a 9.05% surge in open interest to $3.20 billion, according to <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/SOL" target="_blank">Coinglass</a>. However, shorts dominated the liquidations in a bid to minimize their losses owing to the recent price surge. In the past 24 hours, $17.67 million liquidations were noted for Solana.
Short traders accounted for $11.77 million liquidations as they renewed their positions. The short squeeze could temporarily sent the Solana price even higher before a massive slump. Whilst, long position holders liquidated $5.90 million worth of SOL to cash in profits from the surge.
Also Read:&nbsp;<a href="https://coingape.com/solana-meme-coin-slerf-presale-investors-incur-10m-loss-heres-why/" target="_blank" rel="noopener noreferrer nofollow">Solana Meme Coin Slerf Presale Investors Incur $10M Loss, Here’s Why</a>
The post <a href="https://coingape.com/solana-price-to-rally-70-as-sol-defies-sell-signal-analyst-predicts/" rel="noopener noreferrer nofollow">Solana Price To Rally 70% As SOL Defies Sell Signal, Analyst Predicts</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price To Rally 70% As SOL Defies Sell Signal, Analyst Predicts

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