Solana Price: Astounding V-Shaped Recovery Targets $300 SOL Price
The cryptocurrency market watches Solana (SOL) with keen interest. The **Solana price** recently surged, showing a remarkable 70% increase from its June 22 lows. This impressive rally suggests a potential V-shaped recovery pattern. Many analysts now target a significant $300 **SOL price**. On-chain data and classic chart patterns indicate that SOL aims for fresh record highs. Can Solana truly follow Ethereum’s path to new all-time highs?
Solana Price Rally: A V-Shaped Trajectory
Solana’s native token, SOL, demonstrated strong performance. It jumped 70% between June 22 and August 29. This followed a broader **altcoin rally**, which saw Ethereum achieve new all-time highs. However, SOL faced resistance around $220, causing a brief dip below $200 on September 1. Since then, it recovered 12% from these local lows. Both on-chain and technical data now point to further gains. The market asks if SOL can indeed reach new highs above $300 soon.
Key takeaways from Solana’s recent performance include:
- Solana’s total value locked (TVL) reached an all-time high, surpassing $12 billion.
- Solana’s memecoin daily trading volume jumped 73% in just 24 hours.
- A bullish **V-shaped recovery** pattern projects the **SOL price** toward $300.
Solana TVL Soars: A Foundation for Growth
The total value locked (TVL) on the Solana blockchain shows robust growth. It increased by over 57% to $12.27 billion by Tuesday. This represents a significant rise from its multi-month lows of $7.8 billion on June 23. Over the last 30 days, **Solana TVL** increased by almost 31%. This growth highlights increasing confidence and activity within the ecosystem. Data from DefiLlama confirms this upward trend.
Solana TVL. Source: DefiLlamaRaydium led this surge, registering a 32% rise in a month. Other major decentralized applications also contributed significantly. Jupiter DEX, Jito liquid staking, and Sanctum protocol saw gains of 24%, 18%, and 20%, respectively. While SOL ranks as the sixth-largest cryptocurrency by market capitalization, Solana leads other top layer-1 blockchains in TVL. It remains behind Ethereum, the current leader. However, Solana’s $12.2 billion TVL surpasses the entire Ethereum layer-2 ecosystem, including Base, Arbitrum, and Optimism. A rising TVL boosts liquidity, popularity, and usability. This typically impacts prices positively.
Blockchain ranked by TVL, USD. Source: DefiLlamaMemecoin Mania Fuels SOL Price Momentum
The rise in **Solana TVL** mirrors a surge in memecoin market capitalization. These tokens recovered across the board. Most Solana-based memecoins posted double-digit gains weekly. Many of these tokens are up 15% to 30% from their recent lows. As a result, Solana’s collective memecoin market cap increased to $12.4 billion on September 9. This marks a 70% climb from $7.3 billion on June 22, in under three months. This growth underscores increasing investor interest.
Solana-based memecoins performance. Source: CoinGeckoRising memecoin prices accompanied increasing DEX activity on the layer-1 blockchain. The DEX volume on Solana, attributed to memecoins, jumped over 73% in 24 hours. It reached $817.3 million on Tuesday, according to Blockworks Research data. This surge in memecoin activity on Solana indicates high network usage. It also reflects rising demand, which positively impacts the **SOL price**. Such robust activity suggests a vibrant and engaged user base.
Memecoin trading volume on Solana. Source: Blockworks ResearchTechnical Outlook: Can SOL Hit $300?
SOL’s price action has painted a clear **V-shaped recovery** pattern on the weekly chart since January. A V-shaped recovery occurs when an asset experiences a sharp price increase after a steep decline. The pattern completes when the price moves to the resistance at the top of the V, known as the neckline. SOL appears on a similar trajectory. It now trades below a key supply-demand zone between $200 and $240. A breakout here would significantly increase the chances of the price rising to the neckline at $252. This would complete the V-shaped pattern.
Beyond that, the next target would be the all-time high above $295. This represents a 36% increase from the current price. The Relative Strength Index (RSI) has also increased to 62 from 42 in mid-June. This suggests that bullish momentum is picking up. Market commentators express increasing confidence in Solana’s ability to rally to new all-time highs. Popular analyst Jussy stated that once resistance at $220 breaks, the price could rally toward $270.
SOL/USD daily chart. Source: Crypto News Insights/TradingViewFellow analyst Kepin echoed this sentiment on X (formerly Twitter). He noted, “There is still more upside to the first target of $250” for Solana. Kepin added, “The next target price will be $290-$300, and the ultimate bull target is $350.” Crypto News Insights previously reported that technicals suggest **SOL price** could top at $1,000 this cycle. This potential surge could be fueled by the approval of spot Solana ETFs in the US and institutional adoption through SOL treasuries. The overall **altcoin rally** provides a strong tailwind for such ambitious targets. This article does not contain investment advice or recommendations. Every investment and trading move involves risk. Readers should conduct their own research when making decisions.
