Solana Price Targets $180 as Bulls Defend Key $114.57 Support Zone

4

Solana (SOL) price is showing signs of strength after rebounding from a key support level at $114.57.

The cryptocurrency, currently trading at $119.08, has maintained this crucial level over the past few days.

This has sparked renewed optimism in the market, especially after prominent investor Davinci Jeremie predicted a 20x surge in Solana price.

Combined with a rising DeFi Total Value Locked (TVL) and bullish technical indicators, SOL price may be preparing for a significant breakout.

Key Support at $114.57 Holds Firm

The $114.57 support zone has proven to be a pivotal level for Solana price. Technical analyst Ether Wizz has identified this area as a support zone, which means that there is buying pressure around this range.

Technical analysis reveals this level as a resistance level that was evident in 2023 and early 2024.

It has changed its stance, overruling support and further emphasizing its significance.

Source: Ether Wizz, X

Solana price has been bouncing off this support level in the recent sessions. The long lower wicks on the daily chart signify that the bulls have managed to push prices above $115.

Such price behavior suggests that buyers are consolidating the level and waiting for an opportunity to increase it.

If this support level continues to hold, the next level of interest will be around $135, further upward movement could take place towards $180.

Early Bitcoin Investor Predicts 20x Rally

Additionally, early Bitcoin investor Davinci Jeremie has issued a bold prediction regarding Solana’s future.

In a recent post on X, he stated that Solana price could surge by 20x, citing meme coin activity as the main catalyst.

Jeremie argued that former U.S. President Donald Trump’s success with Solana-based meme coins could inspire more celebrities and corporations to launch similar projects on the blockchain.

Jeremie is known for his early endorsement of Bitcoin in 2011, when he encouraged people to buy BTC at $1.

His Solana prediction is based on the notion that, unlike Ethereum, for example, meme coins can drive significant organic traffic, meaning more SOL utilization.

Despite the slowing of meme coin activity in the last few weeks, the potential for further activity in Solana during the next altseason is still a positive sign for Solana.

DeFi Growth Supports Bullish Momentum

The Solana ecosystem has also expanded its DeFi sector significantly recently. According to DeFiLlama, Solana’s TVL touched $56 million.

This is the highest level in almost three years and is indicative of higher investor confidence and increased protocol usage.

Source: DeFiLlama

An increase in the TVL means that more users stake their tokens in DeFi applications, and a high TVL means high user demand and application usage.

This also reduces the circulation of SOL in the market, and this may have a positive influence on the price of the token.

Supported by the technical aspects of the expansion and an unabashed tone, DeFi contributes to Solana’s strong long-term outlook.

Technical Indicators Point to a Potential Reversal

This is supported by technical analysis evidence suggesting that Solana price may well be in a position to start another trend.

At present, the Relative Strength Index (RSI) is reading 44 which means that the market is somewhat oversold.

However, the RSI has been moving upward gradually and it is believed that the bulls’ side may be gaining ground.

The Awesome Oscillator (AO) is bearish, but there are signs of a buy signal soon. Although the value is still negative on the histogram, the curve is slowly shifting from the red side to the green area.

This implies that a trend reversal could be around the corner. Ether Wizz, in its chart, points to the possibility of the altcoin rising to $180 if SOL price breaks the $135 resistance level.

Original Article