Solana (SOL) Explodes: TVL Shatters $12 Billion Barrier as Analysts Predict $300 Breakout Imminent

Solana just rewrote the rulebook—again. With total value locked catapulting past $12 billion, the network isn't just growing; it's dominating.

Momentum Builds Toward Key Threshold

Analysts spot converging signals pointing toward a potential surge to $300. Institutional inflows spike while retail FOMO kicks into high gear. The charts don't lie—this isn't speculation anymore.

Ecosystem Expansion Fuels Rally

DeFi protocols on Solana now handle volumes that rival traditional finance mid-tiers. NFT marketplaces buzz with seven-figure sales. And meme coins? They're practically printing money—until they're not.

Market Watchers Brace for Volatility

Sure, some Wall Street veterans dismiss it as digital gambling—but they said the same about internet stocks in '99. Meanwhile, Solana's throughput hits numbers that make legacy blockchains look like dial-up modems.

Whether this rockets to $300 or faces resistance, one thing's clear: in a world where banks pay 0.01% interest, chasing alpha feels less like greed and more like common sense.

TLDR

• Solana (SOL) has surged 70% from June lows of $125 to current levels around $220-222
• Total Value Locked (TVL) on Solana blockchain reached record high of $12.27 billion
• Memecoin trading volume on Solana jumped 73% in 24 hours to $817.3 million
• Technical analysis shows V-shaped recovery pattern targeting $300 price level
• Current consolidation above $212 with key resistance at $220 and support at $216

Solana has demonstrated strong price performance over recent months. The cryptocurrency climbed 70% between June 22 and August 29, rising from lows of $125.

The token currently trades around $220-222 after finding support NEAR the $202 zone. SOL broke above the $215 resistance level and pushed past $218 before reaching a high of $220.

The price now consolidates above $212 and the 100-hourly simple moving average. A bullish trend line has formed with support at $216 on the hourly chart.

Technical indicators show positive momentum building. The MACD for SOL/USD is gaining pace in the bullish zone. The RSI remains above the 50 level.

On the upside, immediate resistance sits near $220. The next major resistance levels are at $228 and $232. A successful break above $232 could set the stage for further gains toward $244 and potentially $250.

Network Growth Drives Price Action

Solana’s network fundamentals have strengthened considerably. The total value locked on the solana blockchain reached an all-time high of $12.27 billion on Tuesday.

This represents a 57% increase from multimonth lows of $7.8 billion reached on June 23. Over the last 30 days alone, TVL has grown by almost 31%.

Raydium led the TVL growth with a 32% monthly increase. Other major decentralized applications saw strong gains. Jupiter DEX rose 24%, Jito liquid staking gained 18%, and Sanctum protocol increased 20%.

The $12.2 billion TVL surpasses the combined Ethereum layer-2 ecosystem including Base, Arbitrum and Optimism. Higher TVL typically boosts liquidity, popularity, and usability, which can positively impact prices.

Memecoin Activity Surges

Solana-based memecoins have posted strong weekly gains. Most tokens are up 15% to 30% from recent lows with double-digit weekly performance.

The collective memecoin market cap on Solana increased to $12.4 billion on Tuesday. This represents a 70% climb from $7.3 billion on June 22 in less than three months.

Memecoin trading volume on Solana jumped over 73% in the last 24 hours to $817.3 million. This increased activity indicates high network usage and rising demand.

Technical analysis reveals a V-shaped recovery pattern forming on the weekly chart since January. This bullish pattern occurs when an asset experiences sharp price increases after steep declines.

SOL currently trades below a supply-demand zone between $200 and $240. A breakout from this zone WOULD increase chances of reaching the pattern’s neckline at $252.

The next target after completing the V-shaped pattern would be the all-time high above $295. This represents a 36% increase from current price levels.

The relative strength index has improved to 62 from 42 in mid-June. This suggests bullish momentum is building across multiple timeframes.

Market analysts express confidence in SOL’s upside potential. Popular analyst Jussy believes breaking $220 resistance could lead to a rally toward $270.

Fellow analyst Kepin sees “still more upside to the first target of $250” with next targets at $290-$300. The ultimate bull target is projected at $350.

If SOL fails to break above $220 resistance, initial support sits near $216 and the trend line. Major support levels are at $210 and $202.