Solana ($SOL) Price Action As DeFi TVL Jumps To $378M

October 30, 2023

Hey there, fellow crypto enthusiasts! Today, let’s talk about the awesome world of Solana ($SOL). We’re going to keep it light and fun, so you won’t need a degree in rocket science to understand what’s going on.

Last week, BTC surprised the world once again and surged to $35k within a matter of hours. Unlike some other cryptos that are currently taking a breather, $SOL is like, “I’m just getting started.” It’s up 2.8% in the last 24 hours, and it’s strutting its stuff at $31.89.

You can leverage Trade $SOL on Bybit, or you can spot Buy it on Binance.

But here’s the deal, my friends. There are a few signs that suggest we might be in for a little rollercoaster ride. If $SOL can’t keep the party going above $32, we could see a bunch of short-term investors and traders saying, “I’m outta here!” and selling their BTC. This could create a bit of a frenzy, and we might witness a 15% dip to $27. Brace yourselves!

Charting $SOL

Now, let’s talk charts – but don’t worry, we won’t get too technical. The Directional Movement Index (DMI) is flashing some warning signs. Sellers are flexing their muscles, and the bulls need to hustle to protect those gains they’ve been racking up during BTC’s recent rise to $35,000. It’s like a tug of war, and right now, BTC is hanging on by a thread.

For those thinking about shorting $SOL (betting that it will go down), keep an eye on that blue +DI line going down while the red -DI line goes up. This basically means the bears might take control, and we could be in for a wild ride with $SOL dropping 15% to $27. Hold on tight!

The overall vibe in the crypto world isn’t as strong as it was a week or even a few days ago. So, this weekend, traders will be playing it safe, and Solana could go in any direction – up or down. It’s like a coin flip, but with more zeros.

If $SOL manages to break through that $32 resistance, it’s a sign that the bulls are still in the game and looking to hit $40. On the flip side, if things start looking wobbly and dip below $30, investors might start running for the hills to avoid a crypto catastrophe.

Bitcoin as Indicator

But wait, there’s more! The BTC bulls might just have some tricks up their sleeves. We’ve got something called a “golden cross” on the daily chart. No, it’s not a hip-hop dance move; it’s a technical thing where short-term moving averages (the 21-day EMA) do a little victory dance over the long-term ones. And recently, the 100-day EMA did a mic drop and flipped over the 200-day EMA. This suggests that the path of least resistance is up, up, and away!

Solana TVL is Growing

And hey, check this out – Defi Llama, the crypto data nerd, is showing that Solana’s total value locked (TVL) is on the rise up to nearly 400 $Million. TVL is like the measure of how much cash is hanging out in smart contracts within the Solana world. More cash in smart contracts is like a virtual high-five, boosting confidence in the protocol and easing the potential for a big sell-off. So, if investors keep pouring their money into these smart contracts, SOL’s rally might just keep on grooving.

Final Thoughts

So, there you have it, a little BTC update, without the confusing jargon and long-winded sentences. Stay tuned, keep the popcorn ready, and let’s see where the crypto rollercoaster takes us next! ???

Solana was one of the blockchains that took everyone by surprise the last bull. We’ll keep an eye on developments and will keep you up to date when cool things happen.

If you enjoyed this blog have a look at our last 2 token updates on $SHIB and $LINK

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