Solana's price has surged by nearly 100% in six weeks, from $95 to $180.
It is currently testing a major resistance zone between $180 and $200 and could be targeting $252, $295 (all-time high) or even higher.
Solana's Total Value Locked (TVL) has increased by 54% in six weeks to $9.44 billion.
The booming memecoin market on Solana has seen its collective market cap jump 70% to nearly $14 billion.
Technical indicators expect further upside for SOL, alongside predictions from Standard Chartered that Solana could reach $275 by year-end.
Solana is starting to take over crypto headlines again.
After spending most of 2024 trading sideways, the L1 network has seen some impressive displays of strength lately.
In fact, there is a growing consensus that Solana could be headed towards a major breakout, and might even hit $300 and beyond.
Here’s a better look at what has been pushing this momentum and why analysts expect more upside for the cryptocurrency.
Solana’s recent price action has been a major source of its increased market interest.
For example, between April 7 and May 26, the cryptocurrency jumped in price from just under $95 to nearly $180, in a nearly 100% price increase.
This rise didn’t happen by accident, because it was backed by both technical strength and fundamental growth.
At the time of writing, the token is hovering around a major resistance zone between $180 and $200.
Solana’s current action
This means that a convincing break above this range could open a path to much higher price levels.
One of the most important metrics in DeFi is Total Value Locked (also known as TVL).
So far, Solana’s numbers are looking impressive.
According to DeFiLlama, Solana’s TVL jumped from $6.12 billion on April 7 to $9.44 billion by May 26, in a 54% increase within just six weeks.
This growth places Solana second only to Ethereum among Layer-1 blockchains. More impressively, it has overtaken Ethereum’s Layer-2 solutions like Arbitrum and Optimism, as well as Binance’s BNB Chain.
The TVL trend on Solana
On other fronts, Solana isn’t just riding the DeFi bandwagon.
It has also remained the main holder of memecoin mania because since April 8, the combined market cap of Solana-based memecoins jumped from $8 billion to nearly $14 billion.
This stands as a 70% increase in less than two months.
Popular tokens like WIF, BOME and SLERF have also been impressive so far, with the sustained trading volume around them driving major activity on Solana’s DEXs.
This, in turn, boosts demand for SOL and prices tend to remain stable.
From a technical analysis point of view, SOL is showing classic signs of a bullish continuation.
At the time of writing, Solana is pressing against the $180–$200 resistance zone.
This means that a clean breakout above this range could open the door to $252 in the short term and even $295 if momentum continues.
Price levels to watch on Solana
The RSI has risen from under 40 in March to about 53 in late May, in a show of growing strength while avoiding being overbought.
On the daily chart, SOL is forming a textbook bull flag, and if a break above $180 occurs, analysts expect a quick move to $200 before a possible push to $220 and $260.
From there, the next major resistance is around $295, which also stands as Solana’s previous all-time high.
Institutional interest in Solana is also growing. According to a recent report, Standard Chartered predicts a year-end price target of $275 for the cryptocurrency.
The bank also predicts that Solana could hit $500 by the end of 2029.
However, the bank also noted that while Solana is the blockchain of choice for memecoin trading, the sector may have already peaked.
Over the long term, Standard Chartered believes Solana is well set up and continues on the path towards $300 or even higher.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.