Solana (SOL-USD) is flashing signs of a major comeback after finding solid ground at the $100 mark. On Tuesday, the token began showing what traders call a “V-shaped recovery” on its short-term charts. This follows a sharp 25% drop from recent highs, but the slide stopped at a key support level that has historically acted as a springboard. If this pattern plays out like previous cycles, the coin could be entering a recovery phase aiming for a 115% increase from current levels.
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Trader Tardigrade Forecasts Move to $215
Expert analysis suggests that the current bounce is part of a larger trend within a descending channel. According to technical analyst Trader Tardigrade, the recent rebound from the bottom of this channel is a strong bullish signal. The analyst noted that SOL’s rebound from the lower boundary of the descending channel could see it rise toward the upper boundary around $215. Reaching this target would be the first major step toward reclaiming the long-term goal of $260.
Solana Network Activity Hits Record Highs
It isn’t just the price charts looking strong; the actual usage of the Solana network is reaching new peaks. The Total Value Locked (TVL), the amount of money deposited in Solana’s apps, hit an all-time high of 73.4 million SOL this week. This represents an 18% increase in just seven days. Additionally, daily transactions on the network reached a two-year high of 109.5 million, proving that more people are using the blockchain than at almost any point in its history.
At the time of writing, Solana is sitting at $102.12.
