Solana's price is experiencing a noteworthy surge, currently testing the resistance level at around $160 following a 15% increase. This comes as Solana's total value locked (TVL) achieves a new yearly high of $6 billion, indicating strong investor interest and network activity.
Currently, Solana's price is holding above the crucial 200-day moving average, which sits at $151. This technical factor supports the prospect of sustained upward momentum for Solana's price movement in the near future.
Achieving a break above the $160 resistance level is critical for confirming a bullish trend, potentially pushing the price towards the next target of $210. However, if Solana fails to close above the $160 mark, it might hinder the bullish trend and slow down its upward trajectory.
Investors and market participants are closely monitoring these developments to assess Solana's potential trajectory and capitalize on the possible bullish momentum, given the recent accomplishments reflected in its market performance.
