Solana Price Forecast: Bullish Momentum Continues

Solana's native token SOL saw a resurgence in late January, bouncing back from $79. This positive turn led to a 37% surge in the altcoin over three weeks, currently trading at $108.5. Concurrently, the TVL of the network demonstrated exponential growth, surpassing $1.85 billion. The increasing TVL underscores growing confidence and interest in the Solana ecosystem, potentially leading to more significant adoption and investments.

Additionally, the daily chart reveals the formation of an inverse head and shoulders pattern, typically observed at market bottoms, reflecting increased investor accumulation for a new recovery. On February 9th, Solana's price showcased a bullish breakthrough from the neckline resistance level at $105. The recent price hike also swiftly restored the rapidly changing EMA 20 and 50, indicating active buyer influence.

Despite a 0.5% intraday loss, the coin is likely to witness a rally post-breakout, aiming to test the price's resilience to higher growth. If the altcoin manages to hold above this support, buyers could push for a 24.5% increase, reaching $134.

- Bollinger Bands: The upward movement of the upper band reflects an aggressive recovery impulse.

- Average Directional Index (ADX): A 13% incline in ADX and its growth indicate that buyers maintain sufficient momentum for a prolonged recovery.