Key Takeaways:
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Solana’s total amount locked up to a full time high to $ 12 billion.
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Solana’s high -day -to -day trade jumped at 73% in the last 24 hours.
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A bullish V-shaped pattern of project recovery pattern rose to $ 300.
Solana’s native token (Sol) climb 70% between June 22 and August 29, following the wider rally of the Altcoin market detected Ether hit new all-time highs over $ 4,950. However, SOL price failed to break above $ 220, causing it to collapse below $ 200 on September 1st.
It recovered 12% from these local lows, with onchain and technical data suggesting additional revenues. Sol can follow ether (Eth) and hit all the time high over $ 300 in the coming weeks?
Solana’s TVL recording $ 12 billion
The Total amount that is locked (TVL) on Solana Blockchain increased by more than 57% to $ 12.27 billion on Tuesday from multimonth lows of $ 7.8 billion reached on June 23.
Solana’s TVL has increased by almost 31% in the last 30 days.
Data from Defillama Shut up That the subsequent increase in TVL was led by Raydium, with a 32% increase in a month. Other major decentralized applications, such as Jupiter Dex, Jito Liquid Staking and Sanctum Protocol, registered 24%, 18% and 20% obtained, respectively.
Related: The Solana Treasury of Defi Development Corp exceeds $ 400m …
While SOL is ranked as the sixth largest cryptocurrency by market capitalization, Solana has preceded the other top layer-1 blockchain on TVL, even far from the leader, Ethereum.
However, Solana’s $ 12.2 billion TVL is more than Ethereum Layer-2 ecosystemwhich includes base, arbitrum and optimism. In general, when TVL of a DeFI platform rises, it increases liquidity, popularity, and usability, which can positively affect prices.
Solana Memecoin Market Cap gets 70%
The increase in Solana’s TVL reflects the increasing capitalization of the memecoin market as they are recovered throughout the board.
Mostly based on Solana Memecoins have posted duplicate digits obtained during the weekly frame time, as shown in the figure below. Most of these tokens are up to 15% to 30% from local lows.
As a result, Solana’s collective cap’s collective cap rose to $ 12.4 billion on Tuesday from $ 7.3 billion on June 22, a 70% climbing in less than three months.
Increasing prices of Solana -based memecoins are accompanied by increased dex activity in Layer-1 Blockchain. DEX volume in Solana associated with Memecoins jumped more than 73% in the last 24 hours up to $ 817.3 million on Tuesday, per data from Blockworks Research.
Increased memecoin activity in Solana indicates high network activity and increasing use, positively affecting demand and soling prices.
SOL-shaped recovery targets all time highs
Sol’s price action has painted a V-shaped pattern on the weekly chart since January, as shown below.
A V-shaped recovery is a bullish pattern formed when an property experiences a sharp price increase after a steep decline. It is completed when the price moves to resistance to the top of the V formation, also known as neckline.
SOL appears to be in a similar trajectory and is now trading below a supply-demand zone between $ 200 and $ 240. A breakout here will increase the chances of rising neckline prices to $ 252 to complete the V-shaped pattern.
Furthermore, the next target is all the time high at $ 295, representing a 36% increase from the current price.
The KaMag -Kaba -child index -child -child was increased to 62 at the time of writing from 42 in mid -June, suggesting that the bullish momentum was selective.
There is an increase in Sol’s ability to rally at new all-time highs with market commentators, with popular analyst Jussy saying That when the resistance to $ 220 is broken, the price can rally towards $ 270.
There is “Still reversed at the first target of $ 250” for Sol, Says Both Kepin analyst on an X post on Tuesday, adding:
“The next target price is $ 290- $ 300, and the Ultimate Bull Target is $ 350.”
As cointelegraph reportedTechnicals suggest that the sol price can be raised to this $ 1,000 cycle, already -fueled by Approval of Spot Solana ETF in the US and institutional adoption by Sol Treasury.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
