Solana Shows Positive On-Chain Indicators, Expected to Reach $300

Solana (SOL) is analyzed to potentially reach $300 due to positive on-chain indicators. The all-time high for Solana on Binance is around $295.

On the 26th (local time), Cointelegraph stated, "Positive on-chain indicators and technical analysis suggest the possibility of further upward movement for Solana," adding, "It could reach $300, approximately a 66% increase from the current price."

The media highlighted the surge in Solana's Total Value Locked (TVL) and meme coin market capitalization. According to DeFi Llama data, Solana's current TVL is $9.44 billion, which is over a 54% increase compared to April 7. The meme coin market cap also showed a sharp rise. Currently, the market cap of Solana-based meme coins has surged 65% from April 7 ($8.1 billion) to reach $13.4 billion.

The media reported, "The increase in TVL and meme coin trading indicates high network activity and rising demand for Solana," adding, "This will positively impact Solana's price." Furthermore, the technical analysis is also positive. The media added, "On the weekly chart, Solana is forming a V-shaped pattern," and "If it breaks through the $180-$200 range, it could surpass $252 and reach $300."

As of 10:19 PM, Solana is trading at $177 on the Binance USDT market, up 3.65% from 24 hours ago.