Solana following Bitcoin? Solana following Bitcoin?

The key take-aways

• Solana’s TVL of $9.4 billion is up 54% since April 7th.

• The daily trade volume for memecoins by Solana more than doubled from early April. 

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

Solana’s native token SOL, Following a rally in the altcoins market that saw cryptocurrencies such as Bitcoin and Ethereum also see a surge of 86%, Bitcoin hit new all-time highs above $111,000.

SOL is still struggling to gain traction above $180. However, onchain data and technical analysis suggest that the altcoin will continue to grow. SOL could reach new highs over $300.

Solana TVL is up 54% in the last 7 days

You can also find out more about the following: total value locked TVL on the Solana chain has risen by more than 54%, to $9.44bn on 26 May from a low of $6.12bn on 7 April. This is also up almost 20% in the past 30 days.

Data from DefiLlama highlighted Raydium led the way in terms of subsequent increases in TVL, registering a 52% rise in just one month. Jupiter DEX gained 12% in TVL, Jito liquid Staking rose 25%, and Kamino Loaning gained 11%.

Solana is the 5th largest cryptocurrency in the world by market cap, but the Solana blockchain has the highest TVL of any of the top layer-1 chains, only second to Ethereum. 

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

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.

As shown below, most Solana memecoins posted daily losses of double digits in weekly and monthly time frames. These tokens range from 50% to 80% above their previous lows. 

Solana’s total memecoin value increased from $8.1 billion in April to $13.4 Billion on May 26, a 65 percent increase in just two months.

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

DEX activities on layer-1 led to the rise of the market cap and prices for Solana-based mecoins.

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

SOL’s “V” The chart patterns are at all-time heights

SOL’s weekly chart has revealed a V shape since January.

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. If the breakout occurs, the likelihood of the price reaching the neckline is increased. This would complete the V pattern.

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

You can also find out more about the following: relative strength index The number of bullish traders has risen to 53 from 36 by the end of the month, indicating that the momentum of the market is increasing.

Cointelegraph reportedSOL’s price may rise by up to 45% if a bullish breakout occurs above $180 within the next couple of days.

The information in this article does not constitute investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.