Solana

Jupiter

Jito

Key takeaways:
<ul>
 <li>Solana's total value locked rises to an all-time high above $12 billion.</li>
 <li>Solana’s memecoin daily trading volume jumped 73% over the last 24 hours.&nbsp;</li>
 <li>A bullish V-shaped recovery pattern projects SOL price to rise toward $300.</li>
</ul>
Solana’s native token SOL (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>) surged 70% between June 22 and Aug. 29, following the broader altcoin market rally that saw <a href="https://cointelegraph.com/news/eth-hits-new-highs-as-fed-turns-dovish-ether-etf-inflows-resume" rel="noopener noreferrer nofollow">Ether hit new all-time highs</a> above $4,950. However, SOL price failed to break above $220, causing it to drop toward below $200 on Sept. 1.&nbsp;
It has since recovered 12% from these local lows, with onchain and technical data suggesting further gains. Can SOL follow Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) and hit all-time highs above $300 in the coming weeks?
<h2 id="solana-s-tvl-hits-record-12-billion">Solana’s TVL hits record $12 billion</h2>
The <a href="https://cointelegraph.com/explained/what-is-total-value-locked-tvl-in-crypto-and-why-does-it-matter" rel="noopener noreferrer nofollow">total value locked</a> (TVL) on the Solana blockchain has increased by over 57% to $12.27 billion on Tuesday from multimonth lows of $7.8 billion reached on June 23.
Solana’s TVL has increased by almost 31% over the last 30 days.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-09/01992e56-ca83-7590-b242-c0ad1d96c2ff" title="" alt="Solana following Ethereum? ‘V-shaped’ chart pattern targets $300 SOL price">
 <figcaption style="text-align: center;">
 Solana TVL. Source: DefiLlama
 </figcaption>
</figure>
Data from DefiLlama <a href="https://defillama.com/chain/Solana?groupBy=weekly&amp;volume=true&amp;tvl=false" rel="noopener noreferrer nofollow" target="_blank">shows</a> that the subsequent increase in TVL was led by Raydium, with a 32% rise in a month. Other major decentralized applications, such as Jupiter DEX, Jito liquid staking and Sanctum protocol, registered 24%, 18% and 20% gains, respectively.
Related: <a href="https://cointelegraph.com/news/defi-development-corp-solana-treasury-exceeds-400m" rel="noopener noreferrer nofollow">DeFi Development Corp's Solana treasury exceeds $400M ...</a>
 While SOL ranks as the sixth-largest cryptocurrency by market capitalization, Solana is ahead of the other top layer-1 blockchains in TVL, though still far from the leader, Ethereum.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-09/01992e56-dd97-7648-bfe5-eb6322deadda" title="" alt="Solana following Ethereum? ‘V-shaped’ chart pattern targets $300 SOL price">
 <figcaption style="text-align: center;">
 Blockchain ranked by TVL, USD. Source: DefiLlama
 </figcaption>
</figure>
However, Solana’s $12.2 billion TVL surpasses that of the Ethereum <a href="https://cointelegraph.com/learn/articles/a-beginners-guide-to-understanding-the-layers-of-blockchain-technology" rel="noopener noreferrer nofollow">layer-2 ecosystem</a>, which includes Base, Arbitrum and Optimism. Overall, when the TVL of a DeFi platform rises, it boosts liquidity, popularity, and usability, which can positively affect prices.
<h2 id="solana-memecoin-market-cap-gains-70">Solana memecoin market cap gains 70%</h2>
The rise in Solana’s TVL mirrors an increase in memecoin market capitalization as these recovered across the board.
Most Solana-based <a href="https://cointelegraph.com/price-indexes/memecoins" rel="noopener noreferrer nofollow" target="_self">memecoins</a> have posted double-digit gains on the weekly time frame, as shown in the figure below. A majority of these tokens are up 15% to 30% from local lows.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-09/01992e56-f108-7596-ace6-34a0bbfe5d88" title="" alt="Solana following Ethereum? ‘V-shaped’ chart pattern targets $300 SOL price">
 <figcaption style="text-align: center;">
 Solana-based memecoins performance. Source: <a href="https://www.coingecko.com/en/categories/solana-meme-coins" rel="noopener noreferrer nofollow" target="_blank">CoinGecko</a>
 </figcaption>
</figure>
As a result, Solana's collective memecoin market cap increased to $12.4 billion on Tuesday from $7.3 billion on June 22, a 70% climb in less than three months.
This rise in the prices of Solana-based memecoins was accompanied by increasing DEX activity on the <a href="https://cointelegraph.com/learn/articles/whats-the-difference-between-blockchain-layers-l0-and-l1" rel="noopener noreferrer nofollow" target="_self">layer-1 blockchain</a>. The DEX volume on Solana attributed to memecoins jumped by over 73% over the last 24 hours to $817.3 million on Tuesday, per data from Blockworks Research.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-09/01992e56-f610-779a-be40-26a867ec1425" title="" alt="Solana following Ethereum? ‘V-shaped’ chart pattern targets $300 SOL price">
 <figcaption style="text-align: center;">
 Memecoin trading volume on Solana. Source: <a href="https://solana.blockworksresearch.com/?dashboard=sol-dex" rel="noopener noreferrer nofollow" target="_blank">Blockworks Research</a>
 </figcaption>
</figure>
The increase in memecoin activity on Solana indicates high network activity and rising usage, positively impacting demand and SOL price.&nbsp;
<h2 id="sol-s-v-shaped-recovery-targets-all-time-highs">SOL’s V-shaped recovery targets all-time highs</h2>
SOL’s price action has been painting a V-shaped pattern on the weekly chart since January, as shown below.
A V-shaped recovery is a bullish pattern formed when an asset experiences a sharp price increase after a steep decline. It is completed when the price moves up to the resistance at the top of the V formation, also known as the neckline.
SOL appears to be on a similar trajectory and now trades below a supply-demand zone between $200 and $240. A breakout here would increase the chances of the price rising to the neckline at $252 to complete the V-shaped pattern.
Beyond that, the next target would be the all-time high above $295, representing a 36% increase from the current price.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-09/01992e56-fd1b-79b6-ae42-3b3a20841e42" title="" alt="Solana following Ethereum? ‘V-shaped’ chart pattern targets $300 SOL price">
 <figcaption style="text-align: center;">
 SOL/USD daily chart. Source: Cointelegraph/<a href="https://www.tradingview.com/x/tg6hruo9/" rel="noopener noreferrer nofollow" target="_blank">TradingView</a>
 </figcaption>
</figure>
The <a href="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal" rel="noopener noreferrer nofollow">relative strength index</a> has increased to 62 at the time of writing from 42 in mid-June, suggesting that bullish momentum is picking up.
There’s increasing confidence in SOL’s ability to rally to new all-time highs among market commentators, with popular analyst Jussy <a href="https://x.com/jussy_world/status/1965039838266024029" rel="noopener noreferrer nofollow" target="_blank">saying</a> that once the resistance at $220 is broken, the price could rally toward $270.&nbsp;
There is “still more upside to the first target of $250” for SOL, <a href="https://x.com/kristofferkepin/status/1965291009778282705" rel="noopener noreferrer nofollow" target="_blank">said</a> fellow analyst Kepin in an X post on Tuesday, adding:
<blockquote>
 “The next target price will be $290-$300, and the ultimate bull target is $350.”
</blockquote>
&nbsp;As Cointelegraph <a href="https://cointelegraph.com/news/solana-charts-1000-sol-price-target-open-interest-all-time-highs" rel="noopener noreferrer nofollow">reported</a>,&nbsp; technicals suggest SOL price could top at $1,000 this cycle, fueled by the <a href="https://cointelegraph.com/news/sol-price-bull-chart-300-solana-etf-approval-odds-99-7-percent" rel="noopener noreferrer nofollow">approval of spot Solana ETFs</a> in the US and institutional adoption through <a href="https://cointelegraph.com/news/forward-industries-1-65b-solana-treasury-galaxy-jump-multicoin" rel="noopener noreferrer nofollow">SOL treasuries</a>.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Solana following Ethereum? ‘V-shaped’ chart pattern targets $300 SOL price

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