The Solana token (SOL) has shown significant recovery in recent months, rising to record levels amidst a broader altcoin market rally.
Solana’s TVL Hits Record $12 Billion
The total value locked in the Solana blockchain (TVL) increased by over 57%, reaching $12.27 billion. This comes after hitting multi-month lows of $7.8 billion on June 23. Key contributors to this growth include projects like Raydium and other decentralized applications.
Memecoin Market Cap Gains 70%
The rise in Solana's TVL has paralleled an increase in memecoin capitalization, which has jumped by 70% to $12.4 billion. Solana-based memecoins have shown significant price increases of 15%-30% from local lows, contributing to heightened activity on decentralized exchanges.
Price Predictions for SOL: V-Shaped Recovery
SOL's price action is forming a V-shaped recovery pattern, suggesting a possible rise above $295. Analysts indicate a potential for reaching new all-time highs should resistance levels at $220 be surpassed.
The overall rise in Solana, including memecoin capitalization and TVL, points to increasing confidence in this platform. Predictions for SOL's price growth are supported by technical data and analyst insights.
