Solstice price has soared after its recent airdrop, boosting its market capitalization rising to over $55 million. SLX jumped to $0.2325, up sharply from the all-time low of $0.1500. Solstice token price soars as TVL surges Solstice token is doing well amid elevated demand. Data compiled by CoinMarketCap shows that its 24-hour volume jumped by 10% to $224 million, giving it a volume-to-market cap of 408%. Its futures volume jumped to $14.4 million, with its open interest hitting $1.5 million. The ongoing surge is happening after Anchorage, a federally regulated bank, invested in the SLX token this week. It joins more than 20 companies that are backing Solstice, a sign that they expect the price to continue soaring. Still, there are concerns about its token-generation event because it happened through Binance Alpha. History shows that most tokens launched through Binance Alpha surge initially and then plunge over time. This normally happens as some of the insiders start dumping their tokens. Meanwhile, data shows that the Solstice network is doing well, with the total value locked (TVL) jumping to over $500 million. It has soared from $175 million in October last year. This growth is being driven by its yield business, which allows users to earn strong returns. Each YieldVault runs a distinct strategy with its own risk/reward profile. Users deposit their USX tokens, select their strategy, and start earning. Data shows that its Solstice Delta Neutral solution generated a 6-month APY of 3.53%, while the Deep DeFi solution averaged 18%. READ MORE: Liquidity drain causes Solana-based USX stablecoin to depeg to $0.1 Solstice has also seen more demand for its staking solution that enables users to make money by just depositing their tokens. Ethereum has a staking APY of 3.1% on its platform, while Solana and Near Protocol have 6.2% and 9.8%, respectively. Solstice price technical analysis SLX price chart | Source: TradingView The 30-minute chart shows that the SLX token peaked at $0.2327, its highest point on May 26, 27, and 29. It has slowly formed an ascending triangle pattern, a common bullish continuation sign. The price target in this target is estimated by first measuring the widest part, and then extrapolating the same from its upper side. In this case, the widest part is about 22%. Measuring the same price from the upper side gives it a target of $0.2915, up by 30% from the current level. On the other hand, a drop below the lower side of the triangle will invalidate the bullish outlook. The post Solstice price surges as its TVL crosses $500M and a rare bullish pattern forms appeared first on Invezz
