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Solana (SOL/USD) is gaining strength again after losing half its value in two days. On Friday, the cryptocurrency recovered more than 20%. This ignites hopes that SOL will overcome potential single-digit prices. But how likely is it that the rise will continue?
You know that SOL has dropped significantly as coins could be unlocked at the end of epoch 370. After that, the unlocking was postponed, so the token did not fall further. The deferment will allow token re-staking and prevent the supply of approximately 28.5 million SOL tokens.
Another factor that helped SOL was a slight improvement in sentiment towards cryptocurrencies. US inflation data for October showed prices rising at lower-than-expected levels. This data is Cryptocurrency, and SOL benefited in the process. The news at least bolsters overall cryptocurrency sentiment, which has been battered by concerns following the collapse of the FTX exchange.
Still, SOL is not out of the woods. Data from DeFiLlama shows activity on the blockchain has been on a downward spiral over the past week. The total value locked in the blockchain is now $471.69 million, up from his $1 billion on November 6th.
Source TradingView
SOL’s price outlook shows that the token is recovering from the $11.7 oversold level. The RSI has moved away from the oversold levels but remains below the midpoint. SOL could rise further as the relief rally looks strong.
Solana token faces litmus test at $28. This is an established long-term resistance that was lost when the price crashed downwards.
From a fundamental point of view it is unwise buy sol now. A drop in TVL may hinder a sustained recovery of the token. For now, investors can enjoy his bailout rally to $28, but this will need to be overcome before any bullish decisions can be made.
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