Solana Price Rallies on Network Rebound, TVL Hits All-Time High

The Solana price has surged 3% in the last 24 hours, to trade at $219, on an 11% drop in the daily trading volume, to $8.9 billion.

The surge in SOL price follows a strong rebound in network activity, with the token climbing 12% from local lows after briefly dropping below $200 on Sept. 1. This comes after a 70% rally between June 22 and Aug. 29, though SOL failed to break past $220.

On-chain and technical indicators now suggest the potential for further gains, raising the possibility of a move toward $300 in the near term. Solana’s total value locked (TVL) hit a record $12.27 billion on Tuesday, up 57% from the June low of $7.8 billion.

Over the past month alone, TVL grew 31%, led by strong gains from Raydium, Jupiter DEX, Jito staking, and Sanctum.

Solana TVL. Source: DefiLlama

Solana now ranks sixth by market cap but is ahead of other top layer-1 blockchains in TVL, even surpassing Ethereum’s layer-2 networks like Base, Arbitrum, and Optimism. Rising TVL often means more liquidity and activity, which can boost token prices.

At the same time, Solana’s memecoin market cap has jumped 70% since June, climbing to $12.4 billion from $7.3 billion. Many Solana-based memecoins are up 15–30% from recent lows, driving a sharp rise in trading activity.

Solana-based memecoins performance. Source: CoinGecko

DEX volume linked to memecoins surged 73% in just 24 hours to $817.3 million, showing strong network usage. This growing activity around memecoins and DeFi adds to demand for SOL, supporting its recovery.

Solana (SOL) Price Analysis: Bulls Aim for $260 Resistance

Solana (SOL) is trading at $218.96 after gaining 0.81% in the last 24 hours. The chart shows that the token has recovered strongly from its earlier losses and is now moving steadily. This move comes after a long period of selling pressure, where SOL traded inside a bearish channel and dropped toward lower levels.

That decline created sell-side liquidity, but the market has since turned around with buyers stepping in to increase prices.

The recovery has followed a parabolic curve, with Solana breaking above the key neckline resistance around $170. Once that barrier was cleared, momentum built quickly, and SOL moved into a rising channel, which signals continued bullish control.

SOLUSDT Analysis. Source: Tradingview

The next major target is around $260, marked as a buy-side liquidity zone. This level is expected to act as a strong resistance, where traders may take profits. On the other side, the support level sits at $160. As long as SOL stays above this support, the overall trend remains positive.

The Relative Strength Index (RSI) is at 61.84, which shows that Solana is still in bullish territory but not yet overbought. This suggests that the market has room to continue moving upward. Earlier this year, the RSI dipped during price corrections, but the recent climb above 60 reflects stronger buying interest and confidence from traders.

If Solana manages to push through the $260 resistance with good trading volume, it could open the way for even bigger gains and possibly a test of previous all-time highs. However, short-term pullbacks are also possible, especially if the price struggles to stay within the rising channel. In that case, traders should watch the $190–$200 zone as a potential area for a dip before another bounce.