Major cryptocurrency Solana is looking to shrug off a recent price pullback to continue its bullish price activity. The 6th largest cryptocurrency by market capitalization is among the most widely used digital currencies, with significant use cases emerging in recent years. The Solana ecosystem’s total value locked (TVL) is slowly inching towards a $10 billion valuation, making it the center of attention for crypto investors.
However, despite being one of the most developed and used cryptocurrency networks, SOL is struggling to translate this impressive on-chain performance into price gains. It set a new All Time High (ATH) of around $294 in December, but that came and went, with SOL reporting more than 60% losses in the ensuing months. Currently trading at $147, the digital currency is somewhat in the middle of things, prompting investors to scratch their heads regarding the coin’s future.
SOL to Rise to $400?
However, a popular crypto analyst on X (formerly Twitter), @AltcoinGordon, has tweeted that SOL is looking to post a massive price breakout after Bitcoin posted a new ATH earlier this week.
He stated:
“The next leg up for $SOL is going to be VIOLENT. My blue lines NEVER fail. Bitcoin just made an ATH, but that is NOTHING compared to what is coming for Solana. Do you understand?”
SOL Recent Price Action
Solana is known as the “blockchain that never sleeps,” but its recent price performance is one to forget, especially in a bullish setup. Here is the graph from the last 30 days:
The last four weeks or so have been a story of a dogged price performance. The cryptocurrency was flat for a large part of May, and it had just started to appreciate a week ago, and got close to $190. However, even that bullish action didn’t last long, and the bears forced it back below $180. This happened even as Bitcoin and several altcoins posted new ATHs amid a recent surge in the general altcoin market. SOL is still quite a distance away from its $295 ATH, and even then, it struggles to hold on to any small gains.
SOL TVL Forecasts Better Times Ahead
The TVL of the SOL’s ecosystem has reached a new high of $9.6 billion and is set to breach the $10 billion valuation in the near future. This important indicator and a string of on-chain analytics show that it is only a matter of time before SOL reignites its much-anticipated bull market.
