Solana Breaks Past Weekly Resistance

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Solana Breaks Past Weekly Resistance

Solana Gains 27% In One Week, TVL At Yearly Highs

Solana (SOL) is on a bullish path, just like the rest of the cryptocurrencies, such as Bitcoin, Ethereum, BNB, and so on. Pretty much the majority of the cryptocurrencies have posted double-digit growth, while the SOL has managed a +27% in the last week.

The recent upside in the Solana has also allowed the coin to cross a tough weekly resistance. As a result, the bullish position of SOL is now stronger than ever, with a good chance of more upside.

Solana's TVL At $926.49 Million

TVL, which is a measure of total locked value, also shows a bullish interest in the Solana. According to DefiLlama's data, the TVL of Solana is now standing at $926.49 million, which is one of the highest levels of this year (2023).

The increase in the TVL of Solana is a sign that the utility, as well as the adoption of the coin, has increased significantly. As a result, the Solana network's security has also increased, which is further fueling the upside in the coin.

If we look at the daily active users of the Solana, it is also standing at a 6-month high, which is yet another bullish sign for the coin. The available data shows that the DAU of Solana (SOL) is now around 287,327.

The technical chart shows that the Solana (SOL) has already crossed the $76 resistance, which was an important weekly level. Now, the coin can be seen near $76.40 with a daily gain of almost +2.15%, according to Binance data.

Similarly, the weekly gains in the Solana (SOL) are now sitting around 28%, which shows that even Solana is enjoying the recent bull run in the crypto market.

One expert noted that the market players are rotating their money in the top crypto projects. This was noted due to the increase in the altcoin's social dominance, which is now standing at a monthly high.

Going forward, Solana (SOL) will likely maintain its bullish stance as long as the market-wide bullish momentum remains in effect.

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