Here is what is happening and the potential price action next for Solana (SOL/USD)

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Solana (SOL/USD) is flexing its muscles again after losing half its value in two days. On Friday, the cryptocurrency had recovered over 20%. This has raised hopes that SOL will likely surpass the single digit price. But how likely is the rally to continue?

You know SOL is falling heavily due to possible unlocking of coins at the end of era 370. The unlock has since been postponed, which has saved the coin from further degradation. The halving allows the token to be reset, saving approximately 28.5 million SOL tokens from entering supply.

Another factor that has helped SoL is the slightly better crypto sentiment. US inflation data for October showed prices rose from below-estimated levels. Data fueled a relief rally cryptocurrency, and SOL benefited in the process. The news strengthens at least one overall crypto sentiment that was battered by concerns following the collapse of the FTX exchange.

Still, SOL isn’t out of the woods. Data from DeFiLlama shows that activity on the blockchain has been on a downward trajectory over the past week. The total value locked on the blockchain is currently $471.69 million, up from $1 billion on November 6. Clearly, decreasing TVL may challenge the continued recovery of SOL.

SOL price outlook amid a relief rally in a bear market

Source – TradingView

The price outlook for SOL shows that the coin is recovering from the oversold level of $11.7. The RSI has broken out of the oversold level but remains below the midpoint. Further upside is possible for SOL as relief rally looks strong.

Should you buy SOL?

Solana token will face litmus test at $28. This is the established long-term resistance that was lost as the price crashed below.

From a fundamental point of view, it is not wise buy solo Now he. A decline in TVL could derail the coin’s continued correction. For now, investors can enjoy a relief rally up to $28, which will have to be overcome for a bullish call.

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