Solana Price Prepares for 354.55%% Rally Amid SOL’s $12B TVL

Key Insights:

• A SOL bull pennant formation indicates that Solana price is heading towards $300 in the near term.
• Solana’s total locked value (TVL) increased to $ 12 billion.
• If the setup is successful, a massive rally past $1000 is probable.

Solana price spiked by 70% between June 22 and August 29. This came amid a broader altcoin rally led by the Ethereum price rally to a new all-time high of around $4,950. Solana’s rally was brief and failed to surpass $220.

On September 1, the price fell below $200. Since then, it has recovered 12% from its local low. On-chain and technical data suggest more gains ahead, with SOL price preparing for a massive rally of 354.55%, which could push its value into four digits.

Technical Setup Shows Solana Price is Ready for $300

A price analysis shared by Broke Doomer on X shows that Solana price is forming a bull pennant pattern. This setup often signals a strong continuation of the prior uptrend.

Between June and August, SOL price surged more than 70% as part of the broader crypto market rally. Following this move, the price entered a consolidation phase, characterized by a series of higher lows and lower highs.

This structure shaped the bull pennant highlighted in the chart.

Currently, Solana is trading near the top resistance of the pennant. If the price breaks above this level, the pattern suggests a major rally could follow. The measured move from this formation points to a potential gain of over 36%.

Based on this projection, Solana price is targeting a price near $300 in the near term. This target comes from extending the height of the initial rally and applying it to the breakout point.

What is a Bull Pennant?

A bull pennant pattern is a technical setup where the price makes a strong upward move, known as the flagpole, and then consolidates in a small triangular shape.

During this consolidation, the price forms higher lows and lower highs, which shows traders are taking a short pause. This pause often leads to a breakout in the same direction as the first big move.

In Solana price case, the strong rally created the flagpole, and the current narrowing price range formed the pennant. If the breakout occurs, the price typically rises by the same amount as the flagpole, which is why the target for SOL price is projected near $300.

If the setup plays out, Solana will retest its all-time high near $300 and then break above the main resistance zone.

Once this breakout is confirmed, the chart suggests strong upside momentum supported by Fibonacci extensions and historical price action.

The next targets to watch out for Solana price include $500 and $700 as key resistance levels, both of which are shown as stepping stones on the path to these levels.

After consolidating, SOL price has room to extend toward the $1,000 mark.

Solana TVL Clocks $12.44 Billion

Solana’s total value locked (TVL) climbed more than 57%, reaching $12.27 billion, up from $7.8 billion on June 23. Over the past 30 days alone, Solana’s TVL has grown by nearly 31%.

DefiLlama data shows that Raydium led the jump in TVL with a 32% gain over the past month. Other major apps also experienced strong growth, with Jupiter DEX increasing by 24%, Jito liquid staking rising by 18%, and the Sanctum protocol increasing by 20%.

Solana is currently the sixth-largest cryptocurrency by market cap. In terms of TVL, SOL is ahead of other top layer-1 blockchains but still trails far behind Ethereum, the clear leader.