Solana following Bitcoin? Network activity, chart pattern point to $300 SOL price 🚀
Solana's native token, SOL, has seen a surge of 86% between April and May, following a broader altcoin market rally. Despite facing resistance at $180, both onchain and technical data indicate potential for further gains.
The network's total value locked (TVL) rose by over 54% to $9.44 billion, with applications like Raydium playing a significant role. Solana's TVL now surpasses Ethereum's layer-2 ecosystem and BNB Chain.
Solana-based memecoins also saw a 65% increase in market capitalization, driven by heightened decentralized exchange activity. The V-shaped recovery pattern in SOL's price action suggests a target of $300.
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