Solana (SOL) Shows Unexpected 15% Pump, Breaking Through 200 EMA

In the last 48 hours, Solana has seen a remarkable price surge, currently trading at $24.41. This unexpected pump has pushed the asset past the 200 Exponential Moving Average (EMA), a key resistance level that traders often watch.

Timeline of Solana

Solana is making waves as it shows signs of a potential breakout against its direct competitor, Ethereum. According to the latest price analysis, one SOL is currently trading at approximately 0.01281 ETH.

Solana (SOL) has found itself in the midst of a price battle, with neither bulls nor bears able to establish dominance. The daily charts have revealed a story of indecisiveness, characterized by the formation of neutral doji candles.

Coinbase's layer 2 network, Base, has seen its total value locked (TVL) grow to $397.32 million in just about a month and a half since its August launch. This now puts Base ahead of the Solana network, which has $358.96 million in TVL currently.

The Ethereum-based layer2 scaling solution by Coinbase, Base, has seen its total value locked soaring rapidly since its launch in August. After overtaking Cardano and Cronos, DeFiLlama stats show Base has surged to surpass Solana. Base's total value locked has increased to around $370.29M, whereas Solana's 9.64% monthly decline puts its TVL at $310.

The layer-2 Ethereum scaling solution unveiled by Nasdaq-listed cryptocurrency exchange Coinbase earlier this year, Base, has been seeing the total value locked (TVL) on its smart contracts rise rapidly, to the point it now surpassed the TVL on Solana ($SOL).

According to statistics, Coinbase's Layer two (L2) blockchain, built on Ethereum and using Optimism's open-source OP Stack, has grown significantly in the past 41 days. Since August, when the platform had a total value locked (TVL) of $175 million, the figure has increased 111% to $370 million.

Magic Eden, a prominent nonfungible token (NFT) marketplace, has announced its support for Solana's compressed NFTs (cNFTs), offering a more scalable and cost-effective alternative for digital collectibles. The integration of cNFTs into Magic Eden's platform aims to revolutionize the NFT landscape by making it more accessible and affordable for both creators and collectors.

XRP extended a recent bull run on Friday, as the token moved to its highest point in the past two weeks. Today's move came as the cryptocurrency marginally broke past a key resistance level. Solana was also in the green, as price rose for a fourth straight day, nearing the $20.00 mark in the process.

After the Delaware Bankruptcy Court authorized the sale of FTX's digital assets, which include 55.75 million Solana (SOL) valued at $1.062 million, the price of SOL came under intense selling pressure. The unlock timeline of FTX's holdings and derivative market positioning, however, point to the possibility of an upside-biased countermove.

The crypto community has been buzzing about FTX's supposed "liquidation" of Solana (SOL) tokens. But let's set the record straight: this is not a fire sale, and it is definitely not a sign that Solana is crashing.