Solana (SOL) Shows Signs of Recovery After Hitting $100 Support
- SOL price has possibly formed a bottom around $100, with a potential recovery target of $260.
- The relative strength index (RSI) rose to 36 from oversold conditions at 18 on the four-hour chart.
- SOL must overcome resistance levels at $113-$115 and $125-$130 for further gains.
- Total value locked (TVL) in Solana reached a record high of approximately $7.5 billion, an increase of 18% over the past week.
- Daily transactions on Solana hit a two-year high of over 109 million on Monday.
The recent price action indicates a possible V-shaped recovery for SOL, supported by rising network activity and increased TVL in its decentralized applications (DApps). The significant rise in daily transactions also suggests growing user engagement on the platform.
If SOL can reclaim support above the critical levels mentioned, it may see an increase towards the $150 supply zone, representing a potential gain of up to 44% from current prices. (Source)
