Solana (SOL) price may recover to $260 after forming a possible bottom around $100. The four-hour chart shows signs of a V-shaped pattern after a 25% drop to $95 was stopped at $100. The RSI indicates upward momentum, with the daily RSI at 29 and oversold. Key resistances lie at $113-$115 and $125-$130.

The weekly chart shows strong support for SOL at $95-$100, with potential for a 150% increase to $260. The 50-week MAs could act as resistance between $140-$160. Trader Tardigrade predicts a rise to $215 if SOL rebounds from the lower boundary. Reclaiming the 20-day EMA at $106 could push SOL price to $120-$150.

Solana’s TVL hit a record high of 73.4 million SOL, worth $7.5 billion, showing an 18% increase in a week. Daily transaction count reached 109.5 million, with DEX volume hitting highs. Daily active addresses surged 115% in January, historically bullish for SOL price. The NFT boom in 2021 drove a similar surge in SOL price.

Read more at Cointelegraph: These Metrics Suggest $100 Was the Local Bottom