Analysis: On-Chain Activity and Technical Analysis Suggest SOL Price Could Reach $300

Odaily Planet Daily News: Since the low of $95 on April 7, the price of Solana (SOL) has increased by 86% to reach $178.01. On-chain data shows that Solana's TVL has grown by 54% since April 7, reaching $9.4 billion.

Meanwhile, the daily trading volume of Meme coins in the Solana ecosystem has more than doubled since early April, with the total market capitalization of meme coins growing by 65% in less than two months to $13.4 billion, indicating strong network activity and usage growth.

Technical analysis shows that the SOL price is forming a bullish "V" shape recovery pattern. If it can break through the resistance zone of $180 to $200, it is expected to rise to the V-shaped neckline of $252 and further challenge the historical high above $295, which means a 66% upside potential from the current price. The Relative Strength Index (RSI) has also risen from 36 at the end of March to the current 53, indicating that bullish momentum is strengthening. (Cointelegraph)