Solana’s native token, $SOL , has seen a powerful resurgence, climbing 86% between April 7 and May 26 amid a broader altcoin rally that also pushed Bitcoin to new all-time highs above $111,000. Despite encountering resistance around the $180 level, multiple onchain and technical indicators suggest SOL could be setting up for a retest of its previous all-time high above $300.
Onchain Growth: Solana’s TVL Jumps 54%
A key driver of SOL’s rally has been the remarkable growth across the Solana DeFi ecosystem. According to DefiLlama, Solana’s total value locked (TVL) surged from $6.12 billion on April 7 to $9.44 billion by May 26, representing a 54% increase. In the past 30 days alone, TVL has risen nearly 20%, highlighting renewed user activity and capital inflows.
The surge in TVL has been largely fueled by growth in top Solana-based decentralized applications. Raydium led the charge with a 52% increase in TVL, followed by Jito liquid staking (+25%), Jupiter DEX (+12%), and Kamino Lending (+11%) — all contributing to the strengthening of Solana’s DeFi landscape.
Moreover, Solana now boasts a $9.5 billion TVL, placing it ahead of all major Ethereum layer-2s combined, including Arbitrum, Optimism, and Base. It also surpasses $BNB Chain, which benefits from deep integration with Binance and Trust Wallet. This cements Solana’s standing as the second-largest blockchain by TVL, trailing only Ethereum.
Speculative Surge: Solana Memecoins Gain 65%
The spike in Solana’s DeFi activity coincides with an explosive rebound in its memecoin market. Between April 8 and May 26, the total market capitalization of Solana-based memecoins climbed from $8.1 billion to $13.4 billion, marking a 65% increase in less than two months.
While many Solana memecoins have posted double-digit daily losses in recent weekly and monthly timeframes, the majority still remain 50% to 80% above their local lows, reflecting strong underlying momentum in speculative interest.
What’s Next for SOL? Can It Reach $300?
With network fundamentals strengthening and investor interest in both DeFi and memecoins surging, #SOL appears well-positioned for further upside. The token’s consolidation near the $180 level may serve as a launchpad if broader market conditions remain favorable.
If Bitcoin maintains its strength and liquidity continues flowing into the Solana ecosystem, a break above key resistance could open the door to a retest of the $260–$300 range — levels last seen during the previous bull cycle.
