Network Metrics Support Case for $300 as TVL Grows 58%

TLDR

• SOL has hit the $180 short-term target predicted in earlier analyses
• Solana meme coins have more than doubled in value in the past month, now worth $14.7 billion
• Weekly DEX trading volumes reached $35.6 billion, the highest in over two months
• Total Value Locked (TVL) on Solana increased 58% in 30 days, reaching $22.1 billion
• Technical indicators suggest SOL could reach $300 in the next three months if historical patterns repeat

Solana’s price has been on a remarkable upward trajectory, hitting the previously predicted $180 target as ecosystem activity shows robust growth across multiple metrics. The price surge comes alongside growing momentum in the network’s popular meme coins and strengthening on-chain metrics.

The combined value of Solana meme coins has grown to $14.7 billion in just one month. This represents more than a fifth of the entire meme coin market capitalization according to CoinMarketCap data.

Popular tokens within the ecosystem such as Pudgy Penguins (PENGU) and Bonk (BONK) have posted strong gains. Other exotic tokens like Fartcoin (FARTCOIN) and Popcat (POPCAT) have also helped propel the network’s growth.

Celebrity-endorsed tokens including Official Trump (TRUMP) have contributed to improvements in Solana’s on-chain metrics.

Network Activity Reaches New Heights

The ecosystem’s total value locked (TVL) measured in SOL has increased from 45.15 million at the start of the year to 52.78 million currently, marking a 16.9% rise.

When measured in dollar terms, the TVL growth is even more pronounced. Data from DeFiLlama shows a 58% increase over the last 30 days, jumping from $13.9 billion to $22.1 billion.

Weekly trading volumes on Solana decentralized exchanges have reached their highest levels since mid-February. The latest figures show $35.6 billion in weekly DEX volume.

This surge in trading activity has boosted protocol revenue to $25.9 million according to Blockworks Research.

The network has maintained steady performance during this increased activity, with an average throughput of around 1,190 transactions per second.

SOL’s share of the SOL-USD trading market has expanded from 27% to 38%, indicating growing trader interest in the native token.

Trading volumes for SOL in the past 24 hours have increased by nearly 30%, suggesting that FOMO (fear of missing out) may be taking hold among investors.

Technical Outlook Points Higher

The market sentiment has improved substantially in recent weeks. The Fear and Greed Index has recovered from a record-low of 15 (Extreme Fear) a month ago to 73 (Greed) today.

This shift in market attitude may be related to recent macroeconomic developments. As the United States economy contracted during the first quarter compared to the previous three months, the chances of an interest rate cut have increased.

The technical picture for SOL looks promising. The token appears poised to deliver what could be a strong buy signal on the daily chart – a bullish crossover between the 21-day and 200-day exponential moving averages (EMAs).

The last time this pattern occurred, in September 2024, SOL gained more than 70% within two months and reached its latest all-time high just four months later.

Momentum indicators show strong positive momentum. The Relative Strength Index (RSI) has reached overbought levels while the MACD histogram has been trending higher for five consecutive days.

The trajectory of the price action suggests an upcoming golden cross that could happen when the price reaches the $190-$200 range.

Analysts have set a short-term target for SOL at $212, where it will encounter an area of previous selling pressure from earlier this year.

However, with market conditions having changed and investor sentiment turning bullish, if the golden cross materializes and historical patterns repeat, SOL could reach at least $300 in the next three months.

Key support levels to watch include the 21-day EMA and the 200-day EMA. As long as these supports hold, Solana remains on track to reach these targets.

The price could see a pullback in the coming days as early investors may take profits, potentially offering an entry point for those who missed the initial rally.