Solana price is up today as a combination of technical and onchain factors paint a bullish outlook for SOL.

Solana price is up today, buoyed by a modest recovery in the broader cryptocurrency market. SOL’s rebound follows Bitcoin’s recovery to 2021 record highs as a number of technical and onchain indicators hint at more gains ahead.

Data from  TradingView revealed that SOL’s price was $169, up more than 6% in the last 24 hours and 41% from its local low of around $120, established on Sept. 6.

SOL/USD has performed well over the last few days, rising more than 14% over the last week and up 66% year-to-date. Its market capitalization is $79.5 billion, making it the fifth-largest crypto by market value.

Let’s look at the factors driving Solana price up today.

Solana TVL reaches 30-month high

Data from DefiLlama shows Solana’s total value locked (TVL) increased to $6.4 billion on Oct. 21. The last time the TVL on Solana reached $2 billion was in January 2022.

The chart below shows that Solana’s TVL has increased by 348% year-to-date from $1.4 million on Jan. 1, 2024.

In the shorter timeframe, Solana’s TVL has increased by over 24.7% over the last 30 days, beating other top layer-1 protocols such as  and which have seen 4% and 2% increases, respectively.

The rising TVL reflects traders’ interest in Solana’s DeFi ecosystem and shows Solana continuing to attract new users because of its lower traction costs, particularly those seeking to launch new projects.

Data from Solscan shows that Solana’s fees remain consistently low, at an average of 0.000091 SOL (~$0.015). This is considerably lower than transaction fees on Ethereum, which currently stand at an average of $0.5286.

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Memecoin hype is returning

Data released by the Solana Foundation earlier this year revealed that the Solana network has a robust developer community, with over 2,500 active monthly developers, highlighting its appeal as a blockchain ecosystem.

Data from Electric Capital’s blockchain development tracker, Developer Report, corroborates this. It shows that as of July 1, 2024, Solana’s developer count was 2,856, rising from a low of 2,479 on Jan. 1, 2024. This suggests that Solana’s developer count has been rising throughout 2024, reaching an 18-month high of 3,391 in April.

This significant increase in Solana developer community activity was driven by an uptick in the development of new memecoins. At the time of writing, there are more than 610 memecoins built on Solana, as per data from CoinGecko.

Notably, Solana’s rally on Oct. 14 coincides with an ongoing recovery in the prices of memecoins on its network. Most are posting double-digit daily gains, as shown in the figure below.

This rise in the prices of memecoins accompanies a surge in onchain activity within the Solana ecosystem, which increases demand and, eventually, the price of SOL.

SOL price inverse H&S pattern points to a breakout

SOL’s price is trading above the neckline of what appears to be an inverse head-and-shoulders (IHS) pattern.

The (IHS) pattern is a bullish reversal technical setup that forms after an extended downtrend. It comprises a head, a left shoulder and a right shoulder that are upside down and placed below a neckline.

The pattern typically resolves after the price rallies above the neckline, indicating that the downtrend has completely reversed. The SOL/USD chart below displays a similar technical bullish setup.

SOL rose above the neckline at $163 on Oct. 20, flipping the level into support. If the price holds above the neckline, it will suggest the bulls’ ability to sustain higher levels.

That will increase the odds of a break above $180. A decisive daily candlestick close above $180 could lead the SOL/USD pair toward the technical target of the pattern at $207, representing a 24% uptick from the current price.

Additionally, the relative strength index remains elevated at 66, validating the market’s buyers’ dominance. The simple moving averages now-positioned below the spot price suggest that SOL sits on relatively robust support, adding credence to the bullish outlook.