TLDR
- SOL has climbed 70% from June lows with network TVL hitting record $12.27 billion
- V-shaped chart formation targets $300 as next major resistance level
- Memecoin ecosystem expansion drives 73% surge in daily trading volume
- Technical breakout above $220 could trigger rally to all-time highs near $295
- Analysts project ultimate bull cycle target at $350 based on network fundamentals
Solana continues building momentum after recovering from its June decline. The layer-1 blockchain token has posted impressive gains while network activity reaches new peaks.
SOL trades at $222 following a 70% recovery from June 22 lows of $125. The token recently tested highs near $220 before consolidating above key support levels.
Current price action shows SOL holding above $212 with the 100-hourly moving average providing support. A bullish trend line has formed with backing at $216 on shorter timeframes.
Market momentum indicators remain positive. The MACD shows increasing bullish momentum while RSI holds above neutral at 62, up from 42 in mid-June.
Immediate resistance sits at $220 with the next key level at $228. A break above $232 resistance could open the path toward $244 and potentially $250.
Network Fundamentals Reach New Heights
Solana’s ecosystem metrics continue setting records. Total value locked across the network jumped to $12.27 billion, marking a 57% increase from $7.8 billion in late June.
The TVL growth represents a 31% monthly gain driven by major protocol expansion. Raydium led with 32% monthly growth while Jupiter DEX added 24%. Jito liquid staking and Sanctum protocol contributed 18% and 20% respectively.
Solana now ranks sixth by market cap but leads other layer-1 blockchains in TVL excluding Ethereum. The $12.2 billion locked value exceeds the combined Ethereum layer-2 ecosystem including Base, Arbitrum and Optimism.
Rising TVL typically correlates with increased network utility and token demand. Higher locked values indicate growing developer activity and user adoption across decentralized applications.
The memecoin sector has experienced particular growth. Solana-based memecoins posted collective market cap gains to $12.4 billion from $7.3 billion on June 22, representing 70% growth.
Most Solana memecoins show 15-30% weekly gains with several posting double-digit performance. This activity contributed to surging on-chain volume metrics.
Daily memecoin trading volume on Solana jumped 73% in 24 hours to $817.3 million. The increased activity reflects growing network usage and ecosystem expansion.
Solana Price Prediction
Technical analysis reveals a V-shaped recovery pattern developing since January. This bullish formation occurs when assets post sharp rallies following steep declines.
SOL currently trades within a supply-demand zone between $200-$240. Breaking above this range would increase probability of reaching the pattern’s completion level at $252.
The next target involves testing all-time highs above $295, representing 36% upside from current levels. Popular analyst Jussy expects $270 once $220 resistance breaks.
Fellow analyst Kepin sees continued upside to $250 initially with next targets at $290-$300. The ultimate bull market target reaches $350 based on network growth trends.
Some projections suggest SOL could reach $1,000 this cycle supported by potential Solana ETF approvals and institutional adoption through treasury allocations.
