Solana's price action shows signs of a potential bullish reversal, with a rising wedge pattern forming below a key resistance level. The network's financial performance in 2024, including a record-high TVL and high daily fees, highlights its strong ecosystem and potential for future growth.
price has decreased by more than 1.50%, currently trading at $191, while its volume has declined by 16% to $2 billion. The chart shows a rising wedge pattern forming below the $200 resistance level, a pattern that often precedes a potential reversal to the upside during bullish markets. Despite this, the ascending support line has consistently held, showing strength as prices made higher lows, suggesting a bullish undercurrent.
Solana has struggled around the $200 level, which acts as strong resistance, indicating that this price level is critical for future bullish momentum.Should Solana break above this resistance, it could trigger a significant rally, targeting the next resistance levels at $236 and possibly extending above $400 in Q1 of 2025.The formation within this wedge, combined with trading volume and market sentiment, will be key indicators for Solana’s potential direction in the first quarter of the year.Solana also showed a strong financial ecosystem in 2024, evidenced by a Total Value Locked (TVL) of $20 billion, an all-time high, signaling robust participation in staking, borrowing, and liquid staking.Daily fees collected amounted to $3.22 Million, reflecting high network usage, while volume totaled $3.293 Billion. With $803.19 Million in perpetual volume and active addresses at 4.12 Million, the network’s expansive activity underscored potential price appreciation. Solana’s market cap stood at $91.682 Billion, with the coin trading at $189.47, at press time, positioning it for possible growth into 2025.Looking at the data for the month of December 2024, Solana demonstrated significant financial performance, notably in its DEX trading volume and revenue generation from Pumpdotfun, exceeding $80 million. This surge, positioned Solana at the forefront with $120 Billion in DEX trading volume and 25% market dominance, affirming its growing ecosyste
SOLANA CRYPTO PRICE PREDICTION RISING WEDGE TOTAL VALUE LOCKED
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