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    Rajesh AK in Solana

    20 Feb 08:45 AM


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    Why is Solana (SOL) price up today?

    Solana price is up today as a combination of technical and on-chain factors paint a bullish outlook for SOL.
    Solana price appears ready for a massive move upward over the next few days, based on a number of technical and on-chain indicators.

    Solana TVL reaches 20-month high
    Data from DefiLlama shows Solana’s total value locked (TVL) increased to $1.9 billion on Feb. 19. The last time the TVL on Solana reached $2 billion was in June 2022.

    The chart below shows that Solana’s TVL has increased by 244% over the last three months from $580 million in November 2023.
    This increase in TVL has moved in tandem with SOL’s price which is up more than $100% over the same period.

    On the shorter timeframe, Solana’s TVL has increased by over 40% over the last 30 days, beating other top layer 1 protocols such as Ethereum and BNB Chain, which have seen 30% and 19% increases respectively.
    The rising TVL reflects traders’ interest in Solana’s DeFi ecosystem and shows Solana continuing to attract new users because of its lower traction costs, particularly those hunting for new airdrops.

    Data from Solscan shows that Solana’s fees remain consistently low between $0.0001 and $0.0003, which is considerably lower than transaction fees on Ethereum.
    Notably, SOL rose above the neckline at $107 on Feb. 12, flipping the level into support. If the price holds aboveneckline, it will suggest the ability of the bulls to sustain higher levels. That will increase the offs of a break above $126. A decisive daily candlestick close above the $126 level could lead the SOL/USD pair toward the technical target of the pattern at $135, representing a 27% uptick from the current price.

    The relative strength index was facing upward, and the price strength at 60 validated the dominance of the buyers in the market.

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