The price of Solana is 86% above its lows of USD 95 reached on April 7, as on-chain data and a classic pattern suggest that SOL may continue to rise to new all-time highs.

The USD 9.4 billion TVL of Solana represents a 54% increase since April 7.

The daily trading volume of Solana memecoins has more than doubled since early April.

A bullish V-shaped recovery pattern projects that the price of SOL will rise towards USD 300.

SOL, the native token of Solana, rose 86% between April 7 and May 26, following a broader altcoin market rally that also saw Bitcoin reach new all-time highs above USD 111,000.

Since then, SOL has struggled to break above USD 180, but technical and on-chain data continue to suggest that the altcoin has further gains ahead. Can SOL reach all-time highs above USD 300?

The total value locked (TVL) on the Solana blockchain has risen over 54% to USD 9.44 billion on May 26, from multi-month lows of USD 6.12 billion on April 7. It has also increased by nearly 20% in the last 30 days.

While Solana is the fifth largest cryptocurrency by market capitalization, the Solana network is ahead of other layer 1 blockchains in terms of TVL, only surpassed by Ethereum.

However, Solana's TVL of USD 9.5 billion surpasses that of Ethereum's layer 2 ecosystem, which includes Base, Arbitrum, and Optimism. It is also greater than that of BNB Chain, which integrates seamlessly with Binance and Trust Wallet.

The collective market capitalization of Solana memecoins increased to USD 13.4 billion on May 26 from USD 8.1 billion on April 8, a rise of 65% in less than two months.

This rise in prices of Solana-based memecoins and market capitalization was preceded by an increase in DEX activity on the layer 1 blockchain.

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