SOL bulls are struggling to assert their position in the market after the smart contracts token’s uptrend lost momentum. Solana price analysis and recovery from Monday’s drastic crash to $110 increased the probability of an extended climb to $200, supported by a noticeable growth in the decentralized finance (DeFi) sector.
Solana Price Analysis: What’s Ahead As DeFi Txs Hit 36.2M
The current Solana price analysis hints at a continuing uptrend despite the rejection from $160. Traders expect short-term support at $150 to come in handy and absorb the selling pressure, reversing the trend upwards.
According to Defi Llama, Solana’s DeFi activity is positive, with transactions exceeding 36.2 million from approximately 966,000 active addresses. Additionally, the total value locked (TVL), which shows the sum of all the value locked in smart contracts within the ecosystem, recovered to $4.95 billion from August 5’s $3.8 billion.
It is worth mentioning that rising TVL generally correla
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