Solana (SOLUSD) price is surging today as Bitcoin price is back above $28,000. Most altcoins are showing positive price action on Wednesday as the markets appear to have fully digested the CFTC’s lawsuit against Binance and its founder. Consequently, SOL crypto is up 4% today after briefly dipping below $20 on Monday.
This week started with a sell-off in the cryptocurrencies as the Commodities and Futures Trading Commission CFTC sued the biggest crypto exchange Binance. The commodities watchdog also charged the founder Chengpeng Zhao also known as CZ, for allegedly trading on his own platform directly or indirectly with 300 different accounts.
Solana TVL Is 75% Down From ATH
According to the data analytics site DeFi Llama, the total locked value on the Solana blockchain is currently 93% down from its all-time high. This decrease in TVL can also be attributed to an almost 92% decrease in Solana price during the same time. Data shows that the TVL, which stood at north of $10 billion in November 2022, has now reduced to only $272 million.
Nevertheless, industry analysts still remain optimistic about the future of Solana blockchain despite the collapse of its biggest backer FTX. Since the start of the year, the SOL crypto price has gained more than 111%.
Solana Price Attempts A Bullish Breakout
The SOLUSD chart reveals the formation of the symmetrical triangle pattern on a higher timeframe. On its daily chart, SOL appears to be currently retesting the downward trendline of this pattern. A breakout from this pattern will make Solana price prediction very bullish for the coming weeks.
However, due to the presence of a 200-day moving average at $22.17, a bullish breakout won’t be easy. Such a breakout can only occur if Bitcoin and Ethereum remain strong in the coming days. In case of a successful breakout, the first target will be the February high of $27.12.