Solana price breaches key weekly resistance, SOL gains are likely sustainable


  • Solana price rallied past the weekly resistance at $76, eyeing the $80 target for the altcoin. 
  • SOL price gains are likely sustainable as the asset’s on-chain metrics support a bullish outlook. 
  • Solana yielded nearly 27% weekly gains for SOL holders.

Solana accompanied other altcoins as they rallied alongside Bitcoin and yielded double-digit weekly gains for holders. SOL holders gained 27% in the past week as the asset rallied past its weekly resistance.

Also read: Cardano, Solana and Algorand see one of the highest social dominance days in 2023

Solana TVL hits highest level in 2023

The Total Value Locked (TVL) in the Solana blockchain hit its highest level in 2023. According to data from crypto intelligence tracker DeFiLlama, $926.49 million in assets are locked in the Solana blockchain. This is the highest level of TVL seen since the beginning of 2023.

Rise in TVL is indicative of higher adoption and utility of Solana among traders in the crypto market. It boosts the security of the Solana network.

Solana TVL hits highest point in 2023 Source: DeFiLlama

Solana TVL hits highest point in 2023 Source: DeFiLlama

Bullish on-chain metrics support SOL gains

The count of Daily Active Users (DAU) in the Solana blockchain has hit its highest level in six months, according to Token Terminal. Solana DAU now climbed to 287,327 on December 9. 

SOL DAUs

Daily active users in the past six months Source: Token Terminal

Solana price rallied past the weekly resistance at $76. The altcoin is trading at $76.40 on Binance after printing 2.15% daily gains. SOL holders noted 28% weekly gains on Binance.

The social dominance of the altcoin is on the rise as market participants rotate capital among top cryptocurrencies. Social dominance, as seen on Santiment, climbed to a level previously seen on November 2, 2023. This supports a bullish thesis for SOL price.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

This week could be explosive for ETH: Ethereum ETFs to debut in the US on Tuesday

This week could be explosive for ETH: Ethereum ETFs to debut in the US on Tuesday

Ethereum (ETH) is down nearly 1% on Monday as the Securities & Exchange Commission (SEC) confirmed via its website on Tuesday that it has given the final approval for spot ETH ETFs. Considering the ETH ETF launch and the upcoming Bitcoin Conference, this week could prove crucial for Ethereum.

More Ethereum News

SEC gives final approval for Ethereum ETFs to begin trading

SEC gives final approval for Ethereum ETFs to begin trading

The Securities and Exchange Commission (SEC) approved the S-1 registration statements of spot Ethereum ETF issuers on Monday, making it the second digital asset ETF to go live in the US, according to the latest filings on its website. The approval is also visible across the websites of the various asset managers that applied for the product.

More Ethereum News

Could Donald Trump and Elon Musk provide Bitcoin's bullish spark?

Could Donald Trump and Elon Musk provide Bitcoin's bullish spark?

Trump could use Justice Department's 200,000 BTC as headstart for potential Bitcoin reserve, says analyst. Elon Musk hints at potential Bitcoin endorsement after US dollar value destruction post and laser eyes profile picture. The bearish crowd has remained silent since Bitcoin's two-week rebound.

More Bitcoin News

Crypto investment products continue positive run after $1.35 billion net inflows

Crypto investment products continue positive run after $1.35 billion net inflows

CoinShares' weekly report shows that crypto investment products saw a third consecutive week of inflows. Bitcoin saw inflows of $1.27 billion, with short-bitcoin recording more outflows. Ethereum-based products outperformed Solana on year-to-date inflows.

More Cryptocurrencies News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.

Read full analysis

BTC

ETH

XRP