Crypto Market on High Volatility as Solana Tests Resistance Level Around $160
Solana’s recent 15% surge since last Friday has brought the cryptocurrency’s price to test a key resistance level around $160 as the crypto market experiences heightened volatility. As optimism grows and token prices increase, the crypto market remains uncertain, with volatility showing no signs of slowing down in the coming weeks.
DefiLlama metrics reveal Solana’s total value locked (TVL) has reached a new yearly high at around $6 billion, the highest level since September 2022. This increase in TVL indicates confidence in Solana’s ecosystem and decentralized finance (DeFi) offerings. Solana is now poised to challenge local highs and possibly confirm a long-term uptrend, as investors and traders look for indications that the token is ready to break into new highs.
With Solana’s expanding DeFi offerings and solid infrastructure, it has become a strong contender in the altcoin space. As Solana tests resistance levels, fundamental data supports a bullish outlook and further price action. Traders are watching key levels such as the 200-day moving average (MA) at $151 as indicators for future market moves.
Breaking through the $160 level would likely confirm a bullish trend, potentially propelling Solana to yearly highs around $210. On the other hand, if the price fails to close above $160 and stays above the 200-day MA, a retracement to lower demand levels around $140 is possible before further upward moves.
