Solana Price Prediction: SOL Rises 4% in 24 hours to $99 — Find Out Why

The Solana price is trading at $99.48 as of 11:30 pm EST, up 4% over the last 24 hours. The total value locked on Solana has increased tremendously over the past three months, signaling a growing developer interest in the layer 1 protocol.

Solana's TV grows 365% in 90 days

The Solana price has benefited from the recent upward momentum seen in the broader crypto market.

More importantly, the health, growth rate, and sustainability of the project ecosystem are also highlighted by changes in the data obtained.

According to CoinMarketCap data, Solana's trading volume increased by approximately 799% over three months, surpassing $4.2 billion on Jan. 10.

Data from blockchain data analytics firm DefiLlama shows that Solana's total value locked (TVL) has increased over the last three months, rising more than 365% from $329 million at the beginning of October to the current value of $1.533 billion.

Total value locked on Sui. Source: DefiLlama

The protocols behind Solana's rising TVL include Marinade Finance, a staking protocol with $1.041 billion locked; Jito, which has seen a 664.79 million; Marginfi with $384.3 million, Kamino with $236 million, and BlazeStake with $224 million.

​​Is Solana's bullish flag a hint of what is to come?

SOL price pulled back after reaching a 20-month high of $122 on Dec. 25 as sellers booked profits and the wider crypto market corrected.

Despite the correction, a bull flag can be seen on the daily chart, which hints at the continuation of the uptrend.

Bulls have pushed the price above the resistance from the flag's upper boundary at $98, signaling a possible breakout from the chart formation. This projected an uptick to the technical target of the governing chart pattern at $148. Such a move would represent a 49% ascent from the current price.

SOL/USD daily chart. Source: TradingView

The 50-day exponential moving average (EMA), 100-day EMA, 200-day EMA and the relative strength index (RSI) were all facing upward, suggesting that the market conditions still favored the upside. The price strength at 54 indicated that the bulls still dominated the market.

On the other hand, the bears may pull the price lower with the 50-day EMA at $87 providing the first line of defense. Additional support lines could emerge from the flag's lower limit of $80, the $73 major support level and the support zone between $70 and $53, where the 100-day and 200-day EMAs lie.