Solana Price Breaks Above $200 as DeFi TVL Hits 3-Year High.

Solana Price Surges Above $200, Bullish Trend Supported by DeFi TVL

Solana price has surged to a multi-week high, hovering above the crucial $200 level after a breakout from its recent consolidation phase. The cryptocurrency’s rally began in early August, as Altcoin bounced back from below $160, continuing an upward trajectory within an ascending channel. Lately, SOL has moved above 10% above its support level of $175, showing prospects of the cryptocurrency breaching the $200 mark, which is a psychological barrier among traders.

Furthermore, the trading volume of the token increased by 120% within 24 hours and amounted to 12. billion, indicating institutional interest.

Solana's DeFi TVL Surges to Its Highest in Over Three Years

As per the latest data on DeFiLlama, the Total Value Locked (TVL) of Solana in its native $SOL has exceeded a new record. The TVL reached its highest point in more than three years this week. This growth indicates a really big development pattern to the DeFi ecosystem of Solana.

DeFiLlama chart presents a steep upswing in TVL, and it was constantly rising since the middle of 2023. Solana has just reached a record high of more than 60 million Altcoin, which is a promising sign of its impact on the DeFi sector.

Solana has also found momentum as it continues to attract DeFi application developers and users. Due to the TVL growth, Altcoin becomes one of the competitive participants of the DeFi market with higher trust and activity within its blockchain.

Bullish Breakout: Solana Price Poised for $270 Target

According to the crypto analyst, the Solana price could be heading towards a major bullish trend, with a break above some major resistance levels. His analysis indicates that Altcoin is undergoing a reversal because it transcends horizontal resistance and local downtrend. This momentum indicates an upward trend in momentum and prepares the way to additional gains.

The analyst believes that Altcoin is destined to rally even further, with a new target pegged at a point of $270. The bullishness has been confirmed since there is a clear breakout in the presented chart. With SOL hanging above these key points, the market appears to be ready to increase even more, which makes it an attractive target of traders seeking a chance in the next stage of the altcoin.

Can SOL Price Rally To $250 This Month?

The SOL price is trading at $201.14, marking a surge of 5% on the day. This price spike comes as the cryptocurrency continues to show bullish momentum, approaching key resistance levels at $210 and $220.

Source: Tradingview

SOL also shows good technical indicators as key technical indicators also show that it would go strong. The Chaikin Money Flow (CMF) now stands at 0.10 representing an increase in positive accumulation, hence, it is an indication of rising buying pressure. 

The Relative Strength Index (RSI) is meanwhile at 65.86, approaching the overbought zone, yet below 70, which implies that the momentum might continue to be strong in the short-term.

Short-term objectives of SOL are a resistance of $210 that might serve as the next point of breaking. Above that level, the next key resistance can be located at $250. On the negative side, support reigns at $180 and this could become a vital point in case of any pullback.