Solana's token value climbs to $8 billion in TVL, priced above $150.
Table of Contents
Toggle* Solana surges 8%, trading around $152* Network's Total Value Locked (TVL) surges 25% in the past month, now over $8 billion* Technical analysis shows a bullish V-shaped recovery pattern, aiming for $250* Daily DEX volumes skyrocket over 90%, reaching $3.14 billion* Potential US spot Solana ETF approval may drive institutional demand
Solana is causing a stir in the crypto market with a solid 8% price surge on May 1st, placing it around the $152 mark. As the second-biggest Layer-1 blockchain by Total Value Locked (TVL), Solana is demonstrating impressive growth after a period of consolidation, showcasing a promising future on the technical front.
Recently trading above $152, SOL has broken free from a bearish trend line at $149, indicating a bullish shift. Solana's TVL has increased by nearly 25% over the past month, exceeding $8 billion. This significant growth signifies growing user confidence and network activity.
Daily decentralized exchange (DEX) volumes have undergone a monumental 90% increase since April 11th, hitting a staggering $3.14 billion. This upward trend in trading activity highlights the expanding adoption of Solana's ecosystem.
In the past week, Solana processed $21.6 billion in volume, surpassing the Ethereum Layer-2 ecosystem in weekly DEX activity. Various protocols within Solana's ecosystem, such as Sanctum, Raydium, and Lifinity, have observed TVL and weekly volume growth.
Bullish Technical Landscape Hints at Higher Targets
Solana's price action points to a bullish scenario. A V-shaped recovery pattern has formed on the weekly chart, pointing toward potential targets of $250 or higher.
In April, SOL showing a clear breakout from a long-term declining price channel on the daily chart, accompanied by increased volume, signaling a bullish trend. The current consolidation phase appears to be a normal part of this uptrend.
Several key technical levels are closely monitored by traders. The aforementioned break over the trend line at $149 paved the way for resistance in the $152–$154 zone. To keep the bull run going, the bulls must breach this resistance and aim for the $250 target.
Strong support can be found in the $145–$148 range, below the current price, and the rising Relative Strength Index (RSI) indicates strengthening momentum for the bulls. Market sentiments are also optimistic; open long positions in the futures market have increased before Solana's surge above $150, with Solana's Open Interest ranking third in the crypto world at $5.86 billion, and perpetual futures funding rates posting positive numbers.
ETF Approval: Kraken on Solana!
upcoming US spot Solana ETF approval may be a game-changer, spurring institutional interest. Bloomberg Intelligence analysts have upped their odds of approval in 2025 to a hefty 90%, reflecting increased confidence in Solana's future.
An ETF approval would likely serve as a powerful catalyst for future institutional demand and broader market access for SOL.
In the short term, Solana's success in breaching the resistance zone between $152 and $154 will greatly impact its trajectory. A successful move above $154, particularly with a close above $158, could pave the way for further gains above $165 and potentially $180.
If the bulls stumble and fail to rise above the $154 resistance, it could lead to another sell-off. Initial support is located in the $150 area, with significant support at $147. A close below $145 might send the price diving toward the $140 range.
As of the hourly technical indicators, the MACD for SOL/USD is gaining speed in the bullish zone, while the RSI remains steadily above 50.
Solana continues to demonstrate strong fundamental growth, fueled by exploding on-chain activity and increasing demand signals backed by whopping technical patterns, such as the V-shaped recovery and channel breakout.
Price Predictions and Key Technical Factors
- Chart patterns: A bullish rising wedge formation on weekly charts could signal volatility, with $155–$160 acting as near-term resistance.
- EMA alignment: All major moving averages (20/50/100/200-day) are now in the bullish zone, confirming bullish momentum.
While no immediate ETF approval is confirmed, hypothetical ETF approval may:
- Boost liquidity and demand: A Solana ETF would likely attract institutional money, potentially amplifying price swings.
- Regulatory validation: SEC approval would imply legal clarity, reducing perceived regulatory risks for SOL.
- Price amplification: The "make-or-break" $180 resistance level could be transformed into a springboard for higher targets, such as $238–$492, if ETF-fueled demand takes hold.
Cautions to Keep in Mind
- Token unlocks: Post-April 2022 token unlock might engender sell pressure if demand fails to meet the increased supply.
- Macro factors: Global crypto regulations and Bitcoin’s market dominance could overshadow Solana’s performance, regardless of project-specific developments.
Price Prediction Comparison Table
| Year | Minimum | Average | Maximum (Sources) ||------|---------|---------|--------------------|| 2022 | $110–$177 | $175–$195 | $238–$492*[2][4][5] || 2023 | $300–$370 | $350–$367 | $370–$450 || 2025 | $418–$410 | $370–$471 | $492–$525 |
Note: Diverging 2022 maximums ($238.90 vs. $492.29) result from differing assumptions about market conditions[2][5].
- The strong price surge of Solana over the past week, placing it at around $152, indicates a shift towards a bullish market mentality.
- Solana's increasing Total Value Locked (TVL), currently over $8 billion, showcases a promising future as one of the top Layer-1 blockchains.
- The approval of a US spot Solana ETF could potentially drive significant institutional demand, further fueling Solana's growth.
- Utilization of modern technologies, such as Solana, in the finance and investing sectors is an especially interesting development in the field of finance and technology.
