TVL Grows 25% to $8 Billion as Token Trades Above $150

TLDR

• Solana has experienced an 8% increase, now trading around $150
• Network’s Total Value Locked (TVL) has grown 25% in the past month to over $8 billion
• Technical analysis shows a V-shaped recovery pattern targeting $250
• Daily DEX volumes have risen by more than 90% since April 11th to $3.14 billion
• Potential US spot Solana ETF approval could drive institutional demand

Solana has been making waves in the crypto market with a fresh 8% price increase on May 1st, pushing it above the $150 mark. The second-largest Layer-1 blockchain by Total Value Locked (TVL) is showing strong signs of recovery after a period of consolidation, with technical patterns suggesting further upside potential.

The price movement comes as Solana establishes itself as a premier blockchain network with booming on-chain activity. Currently trading above $150 and the 100-hourly Simple Moving Average, SOL has broken above a key bearish trend line with resistance at $149.

Solana’s TVL has grown impressively by approximately 25% over the past 30 days, reaching over $8 billion. This growth indicates increased user confidence and network utilization.

Daily decentralized exchange (DEX) volumes have shown even more dramatic growth, rising by over 90% since April 11th to $3.14 billion. This surge in trading activity highlights the increasing adoption of Solana’s ecosystem.

Last week, Solana processed $21.6 billion in volume, outpacing the entire Ethereum Layer-2 ecosystem in weekly DEX activity. Specific protocols within the Solana ecosystem, including Sanctum, Raydium, and Lifinity, have shown increases in TVL and weekly volumes.

Technical Outlook Points to Higher Targets

The price action for Solana presents a convincing bullish picture. A V-shaped recovery pattern has been forming on the weekly chart since January, suggesting a quick rebound following a downturn. This pattern targets the $250 level as its “neckline” for completion.

In April, SOL clearly broke out from a long-term declining price channel on the daily chart with increased volume, confirming a shift from a bearish to a bullish trend. The current consolidation phase appears to be a normal part of this upward movement.

Several key technical levels are being closely watched by traders. Having broken above the negative trend line near $149, Solana now faces resistance in the $152-$154 range. The bulls must clear this area to continue the V-shaped recovery toward the $250 target.

Strong support has developed in the $145-$148 range below the current price. The rising Relative Strength Index (RSI) points to building momentum in favor of the bulls.

Demand signals also look positive for SOL. Open long positions in the futures market increased before Solana’s most recent surge above $150. At $5.86 billion, Solana’s Open Interest ranks third in the crypto world, while perpetual futures funding rates have turned positive.

ETF Approval Could Boost Institutional Interest

Adding to the positive outlook is the possibility of a US spot Solana ETF approval. Bloomberg Intelligence analysts have raised their estimated odds of approval in 2025 to 90%, reflecting growing confidence in Solana’s future.

Such an approval would likely serve as a major fundamental driver for future institutional demand and broader market access for SOL.

For the short term, Solana’s ability to clear the resistance zone between $152 and $154 will directly impact its price trajectory. A successful move above $154, especially with a close above the primary barrier at $158, could open the path for further gains above $165 and possibly $180.

If SOL fails to rise above the $154 resistance, it might experience another decline. Initial support is near the $150 zone, with major support at the $147 level. A close below $145 could push the price toward the $140 support zone.

Looking at the hourly technical indicators, the MACD for SOL/USD is gaining pace in the bullish zone, while the RSI remains above the 50 level.

Solana continues to display strong fundamental growth alongside increasing demand signals and explosive on-chain activity under favorable technical patterns, including the V-shaped recovery and channel breakout.