The price of SOL surged 86% from April 7 to May 26, following the overall rise in the altcoin market, while Bitcoin set a historic high of over $111,000.
The TVL of the Solana network increased by over 54% from a multi-month low of $6.12 billion on April 7, reaching $9.44 billion on May 26, with nearly a 20% increase in the past 30 days. According to DefiLlama data, the growth in TVL is primarily driven by Raydium, which increased by 52% in a month. Other major decentralized applications such as Jupiter DEX, Jito liquid staking, and Kamino lending grew by 12%, 25%, and 11%, respectively. Although the Solana token ranks fifth by market capitalization, its network TVL ranks second among top Layer-1 blockchains, only behind Ethereum.
Since January, the price trend of SOL has consistently shown a V-shaped pattern on the weekly chart. A V-shaped recovery refers to a bullish pattern where the asset's price experiences a significant drop followed by a significant rise. The V-shaped recovery is completed when the price rises to the resistance level (also known as the neck line) at the top of the V shape. SOL seems to be in a similar trend, with the current trading price below the supply and demand range between $180 and $200. Breaking through this range would increase the likelihood of the price rising to the $252 neck line and completing the V-shaped pattern.
