Solana (SOL) price is showing great strength amid a sideways BTC price action. While Bitcoin price is stuck in a very narrow trading range, SOL crypto has kept making new highs on the lower timeframe. The latest analysis shows that the price could be heading for a retest of the $25 resistance very soon.
On Wednesday, cryptocurrencies are showing a mixed price action as most altcoins await the next BTC move. The biggest cryptocurrency is struggling to break above $31,000 resistance and has failed multiple times. Nevertheless, SOL price once again rose 0.25% today and was changing hands at $22.10 till press time.
SOL Crypto TVL Remains Down
According to the TVL tracking site DeFi Llama, the Solana blockchain currently holds a total locked value (TVL) of $289 million. This is just a fraction of the all-time high TVL of $10 billion. Despite a massive surge in Solana price since the start of 2023, the TVL has failed to show a similar trend.
Many analysts had written off SOL due to its ties with FTX and Alameda. However, the strong rebound in the price has proved them wrong. Solana now seems to have established itself as a major layer 1 smart contract platform with a huge adoption.
Solana Price Prediction July 2023
The following chart of SOL crypto reveals a 74% price surge from its June lows. Considering the low timeframe price action, it appears that the bulls still have some gas left in the tank. If BTC remains stable in the coming days, I expect the rest of the $25 level by Solana.
A reclaim of the $25 level could make Solana price prediction even more bullish. This will put a $40 price target within the bulls’ reach. This will be an 80% price increase from the current level. However, the price will still remain affected by the BTC price action and the SEC’s actions against cryptocurrencies.
I’ll keep posting my updated SOL analysis and my personal trade setups on Twitter, where you are welcome to follow me.
