Today, the overall crypto market is experiencing a massive upside move, with the world’s fifth-biggest cryptocurrency, Solana (SOL), seeing a 4% price surge and regaining its $170 level. This significant price surge in SOL is potentially caused by the launch of Solana’s first liquidity layer, Marginfi, and the breakout of the key level at $158.
Arthur Hayes’ enthusiasm after the Solana price surge
Arthur Hayes, a prominent trader, co-founder, and ex-CEO of BitMEX, made a post on X (previously Twitter), highlighting that SOL is in “one of those moods” and asking, “Are we back yet?” This post suggests that Hayes is long on SOL and might be anticipating a bull run similar to the one SOL experienced in 2023.
This current upside move began just after the release of United States CPI data. Over the past seven days, Solana has seen massive adoption, with over 132K new tokens and NFTs created on its network. These significant developments have attracted both investors and institutions, resulting in a nearly 20% price surge in the last two days.
In the last 30 days, Solana’s Total Value Locked (TVL) has also increased by 25%, reaching $4.5 billion. This substantial increase in TVL may indicate a significant adoption of Solana by investors and developers.
With all these ongoing developments, the Solana (SOL) token is currently trading near $170. In the last 24 hours, it experienced nearly a 4% upside momentum. Over a longer period, SOL saw a price surge of over 10% in the last seven days and over 20% in the last 30 days, despite several uncertainties.
Solana technical analysis and key levels
According to expert technical analysis, Solana (SOL) recently gave a breakout of a bullish inverted head and shoulder price action pattern on a daily time frame, indicating bullishness on the chart. With this breakout, SOL regained the $170 mark. There is a high probability that SOL could hit the $200 level and even higher in the coming days. Looking at the daily chart, currently, there isn’t any major resistance that could stop or create a hurdle for SOL until $200, although minor price corrections may occur during the price surge.
Besides the Solana (SOL) price surge, Solana-based tokens like Chainlink (LINK), Jupiter (JUP), and Arweave (AR) also experienced gains of over 20%, 5%, and 10% respectively. The 24-hour trading volume on the Solana ecosystem has increased by 50%, currently standing near $87 billion, and the market cap has increased by 5%, currently standing at $220 billion, according to CoinMarketCap.
