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Solana Surges Past $200 Price Level After Over Two Years

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Solana Breaks $200 Barrier and Eyes Further Growth

  • Ali Martinez, a crypto analyst, forecasts a 70% rise in Solana’s value after it surpasses the $200 mark, invalidating a critical sell signal.
  • Solana’s network activity exceeds Ethereum’s, driven by demand for new memecoins and a significant increase in DeFi total value locked (TVL).
  • Despite a decrease in trade volume, Solana’s price continues to surge, with short traders experiencing substantial liquidations.

Solana (SOL), a high-performance blockchain platform and cryptocurrency, has ignited excitement in the market with a remarkable surge past the $200 mark. This momentous price point, a first since November 2021, signifies a triumphant resurgence for the digital asset after a challenging period.

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Forecast of a Bullish Future: Solana Surpasses $200

Crypto analyst Ali Martinez predicts a potential 70% upswing for SOL, fueled by a critical technical indicator flashing bullish signals. Martinez’s analysis, widely shared on social media channels, focuses on a specific technical pattern, the TD Sequential indicator (created by Tom DeMark). This indicator recently generated a sell signal on Solana’s daily chart, and since then it has been decisively invalidated.

Invalidation of a sell signal often translates to strong buying pressure and potential upward price movement. Martinez highlights a similar technical situation in December, where the invalidation of a sell signal foreshadowed a sharp 70% climb for Solana.

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Unprecedented Network Activity and DeFi Growth in Solana

This weekend, the Solana network experienced a meteoric rise in activity, overtaking even the dominant Ethereum blockchain in transaction volume. Observers attribute the surge to a frenzy of investment in Solana-based memecoins. On March 16, data from DefiLlama revealed that the Solana network processed an astonishing $3.52 billion in trading volume—eclipsing Ethereum by a substantial $1.1 billion.

Observers credit the explosive debut of the memecoin Book of Meme (BOME) on March 14 for the whirlwind of activity on Solana. Within a breathtaking 56 hours, BOME’s market capitalization skyrocketed to a staggering $1.45 billion.  The Solana ecosystem is also enjoying broader success in the decentralized finance (DeFi) market. Over the past month, Solana’s total value locked (TVL) has surged by over 80% to a two-year peak of $4.30 billion.

Solana’s remarkable momentum extended into Monday, March 18th. As of this report, SOL’s price has soared by 7.13%. It reached the price of $206.26, propelling its market capitalization to $91.56 billion. The past 24 hours have seen a 12.17% decrease in SOL trading volume. Nevertheless, this temporary dip is not expected to dampen the network’s overall upward trajectory.

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Market Dynamics: Surge in Price and Trader Reactions

Solana’s upward price trajectory has been accompanied by a surge in market sentiment. This is evidenced by a 9.05% increase in open interest on the SOL futures market. It already totals to a massive $3.20 billion according to data from Coinglass. This escalating bullishness triggered a wave of liquidations primarily targeting short positions—bets placed against Solana’s price appreciation. Short sellers were forced to cover a staggering $11.77 million in Solana losses.

Meanwhile, traders with long positions strategically closed $5.90 million worth of SOL contracts to lock in profits from the rally. Combined, these liquidations reached a substantial $17.67 million for Solana in just 24 hours.

The rapid unraveling of short positions, known as a short squeeze, has the potential to further propel Solana’s price higher. However, seasoned traders know that such explosive movements often precede sharp price corrections.

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