Solana price continued its recovery this week as its total open interest and tokens in its ecosystem rallied. The SOL token rose to a high of $162.90 on Wednesday, its highest point since April 12th. It has risen by over 31% from its lowest point thus month.
Solana tokens are rising
The price of Solana rallied as most coins in its ecosystem continued doing well. Bonk price has jumped by over 30% in the past 24 hours. Other tokens in the ecosystem have also risen, with Solend jumping by 29% in the past 24 hours. Book of Meme (BOME) and dogwifhat (WIF) have also soared by double digits in the same period.
These tokens are rising in a high-volume environment. Data by CoinGecko shows that the volume of Solana soared to over $3.4 billion on Tuesday and by $3.1 billion in the past 24 hours. Similarly, dogwifhat’s volume jumped to over $500 million.
Solana’s price is also doing well as investors cheer the ongoing performance in the Decentralized Finance (DeFi) industry. Data by DeFi Llama shows that the total value locked (TVL) jumped by over 17.50% in the past 7 days to over $9.17 billion. That increase makes it the second biggest DeFi platform in the world after Ethereum.
Solana has over 134 DeFi protocols and over 893k addresses, making it a top-performing cryptocurrency in the market. The biggest networks in Solana are Marinade, Jito, SPL Governance, Pyth Network, and Raydium.
The network generated over $695k in the past 24 hours while the fees in the network has soared to over $1.34 million. Solana has over $3.26 billion in stablecoins.
The token is also soaring as investors embrace a risk-on sentiment in the market as geopolitical risks ease. This explains why top assets like stocks have jumped while the US dollar index has pulled back.
Solana price forecast
The daily chart shows that the SOL token price has staged a strong comeback in the past few days. It has soared from a low of $120 to almost $160. The token has moved to the 50-day Exponential Moving Average (EMA).
Meanwhile, the Relative Strength Index (RSI) has pointed upwards and reached the neutral point of 50. The Stochastic Oscillator has moved above the neutral point of 50. Therefore, the outlook for the SOL token is extremely bullish, with the next point to watch being at $200. This price is about 27% above the current level.
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