Solana following Bitcoin? Network activity, chart pattern point to $300 SOL price 📈
Solana's native token, SOL, has shown significant growth since early April, with its total value locked (TVL) increasing by 54% to $9.4 billion. This growth is mirrored in the memecoin market cap and reflects heightened network activity.
The token experienced an 86% surge between April and May, aligning with a broader altcoin market rally. However, it has struggled to exceed $180. Technical indicators still suggest room for gains, potentially reaching $300 for the altcoin.
The increase in memecoin market activity has fueled demand, with Solana's memecoin market cap climbing 65% since April. A V-shaped bullish pattern indicates a potential breakthrough and price increase.
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