Solana (SOL) Shows Signs of Recovery as Bearish Trend Loses Strength

Solana's Total Value Locked (TVL), a measure of capital in its decentralized finance ecosystem, dropped to $9.9 billion, its lowest since November 2024, before recovering slightly to $10.3 billion. This is still 30% lower than the $14.2 billion TVL on January 18th. Solana's price has also declined, down 8% over the past week and 31% over the last month. While technical indicators suggest the bearish trend might be weakening, it remains dominant. Solana's price is currently below key resistance levels on its price chart. While buying pressure appears to be increasing and selling pressure decreasing, the overall trend is still down. If Solana's price breaks above the current resistance level of $183, it could potentially reach $197 and even $220. However, if the downtrend continues, the price could fall to $159 and potentially as low as $147.