Solana following Bitcoin? Chart pattern and network activity point to $300 SOL.

The key takeaways

• Solana’s TVL $9.4 Billion is an increase of 54% from April 7.

• Since early April, the daily volume of trading in memecoin by Solana has doubled. 

• The SOL will rise to $300 if the bullish V pattern of recovery continues.

Solana’s native token SOL, The altcoin markets also surged, with a total of 86% growth between April 7th and May 26th. Bitcoin hit new all-time highs above $111,000.

SOL’s price has struggled since then to rise above $180. But onchain and other technical data suggest the altcoin is set for further gains. SOL can reach all-time highs of $300.

Solana TVL has increased by 54% from April 7.

It is important to note that the word “you” means “you”. total value locked TVL on the Solana chain has increased over 54% from a low of $6.12bn on April 7 to $9.44bn on May 26, up more than 54 percent. The last 30 days have seen a nearly 20% increase.

Data from DefiLlama highlighted Raydium led the way in terms of subsequent increases in TVL, which was a 52% jump in just one month. Jupiter DEX and Jito liquid staked gained 11% each, while Kamino lending and Jupiter DEX both saw 12% gains.

Solana, which is the fifth largest cryptocurrency by capitalization, has the second-highest TVL value of all the layer-1 blockchains, behind only Ethereum. 

But Solana’s TVL, at $9.5 billion dollars, is more than twice the size of Ethereum layer-2 ecosystemIt is also larger than BNB Chain’s, which integrates seamlessly with Binance and Trust Wallet. The BNB Chain is larger, and integrates with Binance and Trust Wallet seamlessly.

Solana memecoin market cap gains 65%

As prices recover across the board, Solana’s TVL is rising in tandem with an increased market capitalization of memecoin.

In the timeframes of a week and a month, the majority of Solana-based mecoins suffered double-digit losses each day. These tokens range from 50% to 80% above their previous lows. 

Solana’s memecoin collective market cap has increased by 65% in two months, from $8.1 to $13.4.

Related: Solana ‘will make everyone an investor’ — Solana nCMO

The rise in prices and market capitalization of Solana-based mecoins was preceded with an increase in DEX activity at layer-1.

Increased activity in the Solana network indicates increased usage and high levels of activity, which positively impacts demand for SOL. 

SOL’s “V” Chart pattern reaches new heights

Since January, SOL has painted a V pattern in the price chart.

When an asset’s price increases sharply after experiencing a rapid decline, a V-shaped pattern is formed. When the price rises to the resistance on the top of V formation (also known as neckline), it is considered complete.

SOL seems to be following a similar path and is currently trading below the supply-demand area between $180 and 200. The price could rise to $252 to finish the V-shaped chart if there is a breakout.

After that, you’ll want to reach the record-breaking price of $295. That would represent a 66% hike from current prices.

It is important to note that the word “you” means “you”. relative strength index At the time this piece was written, the number had increased to 53 from 36 by the end of February. This suggests that bullish momentum has picked up.

Cointelegraph reportedSOL could see a 45% increase in price if it breaks decisively above $180 over the next few days.

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.