The post Is $40 Incoming for Solana? Traders Think This Token Could Explode Next appeared first on Coinpedia Fintech News
Solana has pumped 15% in the past week, priced at $32. Its recent growth is powered by bullish technical and fundamental events. Yet, with such momentum, could SOL hit $40 for the first time since August 2022?
Market Displays Mixed Signals on Whether SOL Will Hit $40
The Solana 4-hour price chart shows an uptrend that has recently formed into a wedge. Given its upward trajectory, the compression could be a cooling-off period within the rally, followed by another leg up.
Additionally, Solana is finding support on the 20-day EMA, and its RSI indicator is near the oversold territory, illustrating that sellers may be exhausted.
Moving to on-chain analytics, DeFiLlama data shows an uptick in total value locked (TVL) and revenue recently, with revenue recovering to levels last seen in November 2022.
TVL and revenue growth are significantly bullish long-term factors, showi
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