Key Takeaways:
- Solana (SOL) climbed over $120, after a 26% weekly uptrend
- Daily chart technicals hint at a bullish continuation
- The weekly chart predictions confirmed the prognosis, while Solana's DeFi market share did not change since the uptrend.
YEREVAN (CoinChapter.com) – Solana (SOL) rose 26% in a week, reaching over $120 in the Asian-Pacific session Thursday. Meanwhile, the coin now hopes to continue its upside momentum based on supportive technical indicators.
In detail, at least two patterns pointed to a ‘bull run’ ahead. They include SOL’s price breaking above its 200-day exponential moving average (EMA-200; blue wave) and its two other key EMAs, the EMA-20 (red wave) and the EMA-50, painting a “golden cross.”
A golden cross occurs when a short-term moving average crosses above a long-term one. Such a crossover signifies a bullish phase ahead — for as long as the short-term MA’s dominance over the long-term wave stands.
Also read: Solana-based stablecoin Cashio falls prey to infinite mint glitch, CASH pummels to zero.
Furthermore, SOL’s Moving Average Convergence Divergence indicator (MACD; histogram at the bottom) showed a strengthening bullish bias, confirming the Golden Cross prediction.
In detail, MACD is a trend-based momentum indicator. It shows the relationship between two moving averages of an asset’s price, the 9-day and the 26-day, to spot direction changes in prices, helping to spot entering or exiting positions.
Additionally, the relative strength index (RSI) redressed its trajectory on Mar. 31, moving sideways rather than continuing further into the overbought territory. Horizontal charting could lower the dangers of traders booking profits and triggering a correction.
Also read: SOL climbs over $100 as Solana strikes a deal with PUBG backer.
Solana TVL
The total value locked (TVL) inside the Solan ecosystem rose 16.5%, according to DeFi tracking platform DeFiLlama.com, and hit $5.4 billion. Additionally, despite the overall DeFi market’s 16% TVL growth in the previous two weeks, Solana’s share remained 3.2%.
Compared to the nearly 6% market share in October 2021, the Protocol has a long way to recover from the losses.
