Solana has recently outperformed Ethereum and BNB Chain in decentralized exchange (DEX) volume, now holding 36% of the total DEX volume. This surge reflects growing confidence in the Solana network, with its total value locked (TVL) surpassing levels seen before the 2022 bear market.

According to DeFiLlama, Solana's DEX volume has exceeded the combined volumes of Ethereum and BNB Chain over the past 24 hours. Despite Ethereum and BNB Chain showing higher weekly increases, Solana secured the top position with a DEX volume of $2.24 billion, while Ethereum and BNB Chain recorded $1.41 billion and $703.19 million, respectively.

Several reasons contribute to Solana's rise in DEX volume. A significant factor is the increase in meme coin trading on Solana's decentralized applications. Meme coins on the Solana blockchain have performed better than those on other networks, driving demand for SOL and increasing user activity. Additionally, the utility of applications built on the Solana network and staking activities have also played crucial roles.

Solana's TVL, which measures the value of assets locked or staked in a protocol, has been on the rise since July 3. Currently, Solana's TVL stands at $5.29 billion, exceeding pre-2022 bear market levels. This increase suggests that market participants view the Solana network as reliable. If the value of locked assets continues to grow, it could positively impact SOL's price.

Between July 18 and 21, SOL saw a significant price increase, forming four consecutive green candlesticks and reaching $185.21. This upward movement has helped SOL form a double-rounding bottom pattern on the daily chart, usually indicating the end of a bearish trend. With the neckline at $180.30, SOL's price could be set for a breakout.

If this bullish trend continues, SOL's price could rise by 13.05%, potentially surpassing the psychological level of $200 and reaching $204.33. In very bullish market conditions, the price might even hit $210.11, a level last seen in March.

The Moving Average Convergence Divergence (MACD), an indicator used to measure a cryptocurrency's trend, supports this bullish prediction. Currently, the MACD is positive, indicating a bullish trend for SOL. If this momentum is maintained, it could help validate the price increase. However, if enthusiasm around SOL diminishes, the token might not reach the predicted prices. In such a case, SOL's value could drop below $173.

Solana's recent achievements in DEX volume and TVL growth highlight the network's increasing importance and reliability. The surge in meme coin trading and staking activities have significantly contributed to this growth. With a potential breakout on the horizon, SOL's price could see substantial gains if the bullish trend continues. However, market sentiment will play a crucial role in determining SOL's future price movements. As Solana continues to dominate in these key areas, it stands out as a significant player in the blockchain ecosystem, offering promising prospects for investors and users alike.