Solana’s TVL Surges to Record High, Outpacing Ethereum Layer-2 Networks
Solana’s blockchain ecosystem has experienced a significant rebound in total value locked (TVL), climbing over 57% from $7.8 billion on June 23 to a new peak of $12.27 billion as of late August. This surge reflects renewed investor confidence and growing activity across key decentralized applications (dApps) such as Raydium, Jupiter DEX, Jito liquid staking, and Sanctum protocol, which posted monthly gains ranging from 18% to 32%, according to DefiLlama data.
Despite being the sixth-largest cryptocurrency by market capitalization, Solana’s TVL now exceeds that of Ethereum’s layer-2 solutions like Base, Arbitrum, and Optimism, highlighting Solana’s expanding footprint within the decentralized finance (DeFi) space.
Memecoin Trading Volume and Market Cap Experience Robust Growth
Mirroring the TVL uptick, Solana-based memecoins have rallied sharply, collectively increasing their market capitalization by 70% to $12.4 billion since late June. These tokens have recorded double-digit weekly gains, with many rising between 15% and 30% from recent lows. Concurrently, decentralized exchange (DEX) trading volume attributed to memecoins on Solana spiked over 73% within 24 hours, reaching $817.3 million, signaling heightened network activity and demand.
Technical Outlook: SOL Targets $300 on V-Shaped Recovery Pattern
The SOL token has demonstrated a classic V-shaped recovery on its weekly chart since January, characterized by a sharp rebound following a steep decline. After a recent dip below $200 on September 1, SOL has regained approximately 12%, now trading below a critical supply-demand zone between $200 and $240.
A decisive breakout above this range could propel SOL toward the neckline resistance near $252, completing the V-pattern and opening the path to its all-time high above $295—an upside of roughly 36% from current levels. The relative strength index (RSI) has increased from 42 in mid-June to 62, indicating strengthening bullish momentum.
Market analysts express growing confidence in SOL’s upside potential. Popular commentator Jussy suggests that surpassing the $220 resistance could trigger a rally to around $270. Analyst Kepin projects targets between $290 and $300, with an ultimate bull-case price of $350. Some forecasts, factoring in potential approval of spot Solana ETFs in the U.S. and institutional adoption, speculate SOL could reach $1,000 in this market cycle.
Conclusion
Solana’s robust increase in TVL, coupled with surging memecoin activity and a bullish technical setup, positions SOL for a potential breakout toward $300 and beyond. However, investors should remain cautious as cryptocurrency markets are inherently volatile and subject to rapid shifts based on broader macroeconomic and regulatory developments.
Disclaimer: This article does not constitute investment advice. All trading involves risk, and readers should perform their own due diligence before making investment decisions.
FinOracleAI — Market View
The recent surge in Solana’s TVL and memecoin trading volume, combined with a clear V-shaped recovery pattern, supports a bullish near-term outlook for SOL. The key catalysts include increasing liquidity on the blockchain and renewed investor interest, which may drive prices toward the $300 level. However, risks remain from broader crypto market volatility and potential regulatory headwinds. Investors should monitor price action around the $240 resistance zone and any developments regarding institutional adoption or ETF approvals.
Impact: positive
