The SOL chart has all the signs of a classic uptrend continuation. This can be seen on both its daily and weekly charts, with the weekly chart showing a more obvious bullish flag pattern that could see prices heading towards $ 300 in the coming months.
Fundamentals also support the SOL price continuing to skyrocket, with its rise in TVL supporting the price appreciation. Not only that, the launch of Wormhole would bring users from other chains into the Solana ecosystem and increase the number of users on Solana-based DeFi and NFT.
Therefore, the increase in SOL must be attributed to the increased use of NFT and DeFi in the high-volume blockchain network. While the rally to the top was supported by strong volumes and price pumps, another factor was the skyrocketing social sentiment.
Solana even surpassed Uniswap to become the 10th largest cryptoasset by market cap and a large part of this run was attributed to the growing retail euphoria over altcoin. The token was trading just below the $ 75 price level at press time. Solana, along with Cardano, appeared to be one of the few cryptocurrencies that made a full recovery from May 19.
This current price movement is reminiscent of the time when MATIC had its first explosive TVL growth in late April, which saw its price increase five times in a month.
I think we will see the same with SOL. Extremely optimistic times are ahead, says PrimeXBT analyst Kim Chua.
About Kim chua, PrimeXBT Principal Market Analyst:
Kim Chua is an institutional trade specialist with a track record of success that extends to major banks including Deutsche Bank, China Merchants Bank, and more. Later, Chua launched a hedge fund that consistently achieved triple-digit returns for seven years.
Chua is also an educator at heart who developed her own proprietary trading curriculum to pass her knowledge on to a new generation of analysts. Kim Chua actively follows crypto and traditional markets closely and is eager to find future trading and investment opportunities as the two very different asset classes begin to converge.