Solana (SOL) rebounds, eyes $150 amid DeFi growth
- Solana (SOL) shows signs of recovery after a bearish August.
- Solana’s network activity has slowed in recent weeks but may pick up again soon.
- The current price of SOL is around 140 USD, with a short-term target of 150 USD.
- A recovery in DeFi (Decentralized Finance) activity could further increase demand for SOL.
Solana: Price Rally After Difficult Weeks?
Solana (SOL) has shown signs of recovery after a challenging August. The cryptocurrency, which has been under selling pressure in recent weeks, has stabilized since mid-September and is now showing an upward trend. One reason for this recovery could be the recently confirmed interest rate cut by the US Federal Reserve (FED), which has provided positive momentum in the market.
Why 150 USD as the Next Target?
The current price of SOL is around 140 USD. Analysts believe that the cryptocurrency could soon reach the 150 USD mark. This assumption is based on the previous price trend, which has been characterized by a descending pattern. If Solana breaks through this resistance, a further price increase could be on the horizon.
Network Activity as a Key Factor
A crucial factor for SOL’s price development is the activity within the Solana network. In August, the network saw a decline in key metrics such as Total Value Locked (TVL), which refers to the capital locked in DeFi protocols. TVL dropped from 5.48 billion USD in August to 4.66 billion USD at the beginning of September. However, in recent days, this value has recovered to 4.92 billion USD.
Slowed Stablecoin Activity
The market capitalization of stablecoins on Solana has also suffered in recent weeks. On August 23, it peaked at 4.067 billion USD but fell to 3.82 billion USD by September 18. This trend reflects the overall slowdown in network activity.
Transaction Volume and On-Chain Activity
Another sign of the slowdown in the Solana network is the decreased transaction volume. In July, daily volume was still over 1.5 billion USD, and the number of daily transactions exceeded 40 million. In August, these figures dropped significantly, leading to a more subdued market sentiment. However, since early September, there have been signs of a recovery.
Our Assessment
Solana is at a critical juncture. The recent recovery of the SOL price and signs of a revival in network activity suggest that the cryptocurrency may be on the verge of a larger rally. If DeFi activity on Solana continues to increase, it could further boost demand for SOL and push the price above the 150 USD mark. However, the development of network activity remains a key factor that should be closely monitored.
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