Solana Surges Past Binance Coin to Become Fourth-Largest Cryptocurrency

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In a major turnaround, Solana has overtaken Binance Coin to become the fourth-largest cryptocurrency by market capitalization.
The SOL/USD pair has recently broken out of a descending triangle pattern that dates back to July 19th.
Notably, the Solana blockchain saw its Total Value Locked (TVL) grow by over 8.8% this past week, reflecting its increasing adoption.

Solana surges past Binance Coin in market cap, signaling strong bullish momentum in the crypto market.

Solana Breaks Out of Descending Triangle Pattern

In a significant chart pattern breakout, Solana has defied the descending triangle that had constrained its price movements since mid-July. Since May 20th, the SOL/USD pair has formed a cup-and-handle chart pattern, indicating a potential bullish reversal ahead.

Key Support Levels Help Maintain Momentum

Solana rebounded from a critical support level at $165, which has been pivotal in the cryptocurrency’s recovery phase. The early trading session saw Solana converting the $185 resistance into a new support level, laying the groundwork for a potential rally toward the neckline resistance at $186.

Analyzing Solana’s Total Value Locked (TVL)

Solana’s Total Value Locked (TVL) has risen impressively by over 8.8% within a week, increasing from $4.9 billion to $5.42 billion, according to DefiLlama data. This uptick in TVL signifies growing confidence and continued investment in the Solana blockchain.

Market Insights and Future Projections

CoinOtag analysis suggests that a decisive daily candlestick close above the $186 neckline could propel SOL prices up to $252, a 35% increase from current levels. Conversely, failing to maintain support above $185 could lead to a decline, with potential initial support around $172 and major support at $170. These pivot points will be critical for traders and investors watching Solana’s next moves.

Conclusion

Solana’s recent performance showcases its potential to remain a dominant player in the cryptocurrency market. With substantial gains in TVL and breaking critical resistance levels, Solana is poised for further growth. Investors should, however, stay cautious and vigilantly monitor support levels. The coming weeks will be crucial in determining whether Solana can sustain its bullish momentum and continue its ascendancy in the crypto space.

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