Analysis: On-chain activity and technical analysis suggest SOL price could reach $300

Odaily News Since the low of $95 on April 7, Solana (SOL) price has risen 86% and reached $178.01. On-chain data shows that Solana's TVL has increased by 54% since April 7 to $9.4 billion. At the same time, the daily transaction volume of Meme coins in the Solana ecosystem has more than doubled since the beginning of April, and the total market value of Meme coins has increased by 65% in less than two months to $13.4 billion, showing strong network activity and usage growth.
Technical analysis shows that the SOL price is forming a bullish "V"-shaped 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 there is a 66% upside 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)