Solana's Price Surges 8% as TVL Grows 25%

Solana (SOL) has experienced a significant surge in its price, rising by 8% and trading above the $150 mark. This increase comes as the network's Total Value Locked (TVL) has grown by 25% over the past month, reaching over $8 billion. This growth in TVL indicates a strong increase in user confidence and network utilization, positioning Solana as a leading blockchain network with robust on-chain activity.

The price movement of SOL has been particularly noteworthy, as it has broken above a key bearish trend line with resistance at $149. This breakout, coupled with the token trading above the 100-hourly Simple Moving Average, suggests a bullish trend for the cryptocurrency. The technical analysis further supports this outlook, with a V-shaped recovery pattern forming on the weekly chart since January. This pattern targets the $250 level as its "neckline" for completion, indicating potential for further price increases.

In addition to the price surge, Solana's decentralized exchange (DEX) volumes have shown remarkable growth. Daily DEX volumes have risen by over 90% since April 11th, reaching $3.14 billion. This surge in trading activity highlights the increasing adoption of Solana’s ecosystem and the growing interest in its decentralized finance (DeFi) applications. Specific protocols within the Solana ecosystem, such as Sanctum, Raydium, and Lifinity, have also shown increases in TVL and weekly volumes, further solidifying Solana's position in the market.

The technical outlook for Solana remains bullish, with several key levels being closely watched by traders. Having broken above the negative trend line near $149, Solana now faces resistance in the $152-$154 range. The bulls must clear this area to continue the V-shaped recovery toward the $250 target. Strong support has developed in the $145-$148 range below the current price, and the rising Relative Strength Index (RSI) points to building momentum in favor of the bulls. Open long positions in the futures market increased before Solana’s most recent surge above $150, with Solana’s Open Interest ranking third in the crypto world and perpetual futures funding rates turning positive.

Adding to the positive outlook is the possibility of a US spot Solana ETF approval. According to analysts' forecast, the estimated odds of approval in 2025 have been raised to 90%, reflecting growing confidence in Solana’s future. Such an approval would likely serve as a major fundamental driver for future institutional demand and broader market access for SOL. For the short term, Solana’s ability to clear the resistance zone between $152 and $154 will directly impact its price trajectory. A successful move above $154, especially with a close above the primary barrier at $158, could open the path for further gains above $165 and possibly $180. If SOL fails to rise above the $154 resistance, it might experience another decline, with initial support near the $150 zone and major support at the $147 level. A close below $145 could push the price toward the $140 support zone.

Looking at the hourly technical indicators, the MACD for SOL/USD is gaining pace in the bullish zone, while the RSI remains above the 50 level. Solana continues to display strong fundamental growth alongside increasing demand signals and explosive on-chain activity under favorable technical patterns, including the V-shaped recovery and channel breakout. This combination of factors positions Solana for potential further gains in the near future, making it a cryptocurrency to watch in the evolving landscape of digital assets.