Source: Cointelegraph.com NewsKey takeaways:<\/p>\n
Solana’s $9.4 billion TVL is a 54% increase since April 7.
\nSolana\u2019s memecoin daily trading volume has more than doubled since early April.\u00a0
\nA bullish V-shaped recovery pattern projects SOL price to rise toward $300.<\/p>\n
Solana\u2019s native token,\u00a0SOL,\u00a0surged 86% between April 7 and May 26, following a broader altcoin market rally that also saw\u00a0Bitcoin hit new all-time highs above $111,000. Source: Cointelegraph.com NewsKey takeaways: Solana’s $9.4 billion TVL is a 54% increase since April 7. Solana\u2019s memecoin daily trading volume has more than doubled since early April.\u00a0 A bullish V-shaped… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130004"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130004"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130004\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130004"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nSince then, SOL has struggled to break above $180, but onchain and technical data still suggest further gains are in store for the altcoin. Can SOL hit all-time highs above $300?
\nSolana\u2019s TVL up 54% since April 7
\nThe total value locked (TVL) on the Solana blockchain has increased by over 54% to $9.44 billion on May 26 from multimonth lows of $6.12 billion on April 7. It\u2019s also up by almost 20% over the last 30 days.
\nSolana TVL. Source: DefiLlamaData from DefiLlama highlighted that the subsequent increase in TVL was led by Raydium, with a whopping 52% increase in a month. Other major decentralized applications such as Jupiter DEX, Jito liquid staking and Kamino Lending gained 12%, 25% and 11%, respectively.
\nWhile Solana ranks as the fifth-largest cryptocurrency by market capitalization, the Solana network is ahead of the other top layer-1 blockchains in terms of TVL, second only to Ethereum.\u00a0
\nBlockchain ranked by TVL, USD. Source: DefiLlamaHowever, Solana\u2019s $9.5 billion TVL surpasses that of the Ethereum layer-2 ecosystem, which includes Base, Arbitrum and Optimism. It is also larger than BNB Chain\u2019s, which integrates seamlessly with Binance and Trust Wallet.
\nSolana memecoin market cap gains 65%
\nThe rise in Solana\u2019s TVL mirrors an increase in memecoin market capitalization as prices recovered across the board.
\nMost Solana-based memecoins have posted double-digit daily losses in the weekly and monthly timeframes, as shown in the figure below. A majority of these tokens are 50% to 80% from local lows.\u00a0
\nSolana-based tokens performance. Source: CoinGeckoAs a result, Solana’s collective memecoin market cap increased to $13.4 billion on May 26 from $8.1 billion on April 8, a 65% climb in less than two months.
\nRelated: Solana \u2018will make everyone an investor\u2019 \u2014 Solana nCMO
\nThis rise in the prices of Solana-based memecoins and market cap was preceded by increasing DEX activity on the layer-1 blockchain.
\nMemecoin trading volume on Solana. Source: Blockworks ResearchThe increase in memecoin activity on Solana indicates high network activity and rising usage, positively impacting demand and SOL price.\u00a0
\nSOL\u2019s \u201cV\u201d chart pattern targets all-time highs
\nSOL\u2019s price action has been painting a V-shaped pattern on the weekly chart since January, as shown below.
\nA V-shaped recovery is a bullish pattern formed when an asset experiences a sharp price increase after a steep decline. It is completed when the price moves up to the resistance at the top of the V formation, also known as the neckline.
\nSOL appears to be on a similar trajectory and now trades below a supply-demand zone between $180 and $200. A breakout here would increase the chances of the price rising to the neckline at $252 to complete the V-shaped pattern.
\nBeyond that, the next target would be the all-time high above $295, representing a 66% increase from the current price.
\nSOL\/USD daily chart. Source: Cointelegraph\/TradingViewThe relative strength index has increased to 53 at the time of writing from 36 at the end of March, suggesting that bullish momentum is picking up.
\nAs Cointelegraph reported, SOL price could rise by 45% with a decisive bullish breakout above $180 in the coming days.
\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"