Solana Under Pressure: Price Re-Tests Key Support as TVL Hits All-Time High

While Solana (SOL) price struggles near a major support zone around $112, the network’s fundamentals remain strong. Despite the bearish sentiment across the crypto market, Solana’s Total Value Locked (TVL) has surged to its highest level since 2022—a promising sign of long-term confidence.

📉 SOL Price Slides as Bears Tighten Their Grip Over the past week, SOL has dropped by over 24%, hitting a daily low of $112.24 on Wednesday. This decline has erased gains achieved earlier in March and brings the token back to a 12-month support level, which has held firm in recent months. But the big question is: Can Solana hold this level, or is another drop looming? If negative market sentiment persists, SOL could break below this support and potentially test the $100 level. There is a glimmer of hope, however—a bullish divergence is forming on the RSI, which might signal a potential reversal even as price dips.

📊 Solana’s TVL Continues to Climb Unlike its price, Solana’s TVL remains in a strong uptrend. As of April 2nd, TVL reached 65.04 million SOL, compared to just 16.61 million SOL in November 2023—a nearly 4x increase. This indicates growing confidence in the network, especially as Solana’s previous ATH for TVL was 67.69 million SOL in June 2022.

🧾 Solana’s Network Stays Active Despite Market Headwinds Despite price drops, Solana’s network remains highly functional: 🔹 Daily transactions peaked at 76.75 million in late January but have since dropped below 50 million—sitting at 47.72 million on April 2nd.

🔹 Daily active addresses fell from 5.69 million in January to 2.77 million in mid-March, but are now rising again due to renewed accumulation.

These trends show that Solana continues to be used actively, even during bearish market phases.

💬 Looking Ahead Many long-term investors see the current dip as a prime buying opportunity, especially if market conditions stabilize. Solana remains one of the most promising blockchain networks thanks to its speed, low fees, and growing DeFi ecosystem. However, whether the price can hold above $112 or falls below the critical $100 support will be crucial in determining SOL's next move.

#solana , #CryptoAnalysis , #CryptoPredictions , #sol , #blockchain

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies! Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“