Solana (SOL) has demonstrated remarkable strength, surging 70% from June lows of $125 to current trading levels around $220-222. The blockchain's Total Value Locked (TVL) reached an all-time high of $12.27 billion on Tuesday, representing a 57% increase from June's $7.8 billion low and a 31% growth in just the last 30 days.
Network fundamentals have strengthened significantly, with Raydium leading TVL growth with a 32% monthly increase. Other major decentralized applications saw strong gains: Jupiter DEX rose 24%, Jito liquid staking gained 18%, and Sanctum protocol increased 20%. This $12.2 billion TVL surpasses the combined Ethereum layer-2 ecosystem including Base, Arbitrum and Optimism.
Memecoin activity on Solana has surged dramatically, with trading volume jumping 73% in 24 hours to $817.3 million. The collective memecoin market cap on Solana increased to $12.4 billion, a 70% climb from $7.3 billion on June 22.
Technical analysis reveals a V-shaped recovery pattern forming on the weekly chart since January. SOL currently trades below a supply-demand zone between $200 and $240, with analysts projecting that a breakout could target $252, then the all-time high above $295 - representing a 36% increase from current levels. The RSI has improved to 62 from 42 in mid-June, indicating building bullish momentum.
Market analysts express strong confidence in SOL's upside potential. Analyst Jussy believes breaking $220 resistance could lead to a rally toward $270, while Kepin sees "still more upside to the first target of $250" with next targets at $290-$300. The ultimate bull target is projected at $350.
Additional bullish factors include surpassing $1 billion in on-chain liquidity, signaling rising institutional interest, along with excitement around the upcoming Alpenglow upgrade and potential Solana ETF speculation. Key support levels sit at $216, $210, and $202, while resistance levels are at $220, $228, and $232.