Solana's ‘early stage bull market’ hints at 65% SOL price gains by April
26 März 2025 - 12:48PM
Cointelegraph
Solana (SOL) price looks
ready to rise in April based on a classic bullish reversal
indicator and signs of renewed appetite for memecoins.
Technicals show 65% SOL price rally in play
As of March 26, SOL’s price had entered the breakout stage of
what appears to be a falling wedge pattern.
A falling wedge forms when the price consolidates inside a range
defined by two converging, descending trendlines. Meanwhile, the
pattern resolves when the price breaks above the upper
trendline.
SOL/USD daily price chart. Source: TradingView
Solana broke above the upper trendline of its falling wedge
pattern on March 19 and has since maintained bullish momentum. The
breakout has held strong, with SOL continuing to climb in the days
that followed.
With the pattern confirmed, the SOL/USD pair is now eyeing $235,
a target obtained by adding the wedge’s maximum height to the
breakout level by April.
Source: @THEFLASHTRADING
The breakout is supported by improving momentum indicators.
Solana’s relative strength index (RSI)
has moved above the neutral 50 level, suggesting strengthening
buying pressure.
A move above the 50-day exponential moving average (50-day EMA;
the red wave) at $154 could further validate the breakout. However,
if SOL retreats from the EMA resistance, then the bullish reversal
would be at risk of invalidation.
Solana memecoin sector is in recovery
Beyond the charts, Solana’s onchain activity is seeing a fresh
wave of memecoin enthusiasm. Over 8 million tokens have been
launched on Solana, and recent daily deployments have rebounded
sharply.
Notably, Solana-based memecoin launchpad Pump.fun
witnessed the
launch of over 34,000 projects on March 24, compared to around
20,190 launches at the month’s beginning, the lowest daily count
since November 2024.
Total projects deployed via Pump.Fun. Source: Dune
Analytics
The spike in memecoin launches mirrors the recovery witnessed in
December 2024, right after a month-long cooling period.
SOL/USD daily price chart. Source: TradingView
The surge in memecoin deployments points to renewed demand and
increased network activity — a trend that has historically preceded
SOL price rallies. Solana price rose by over 68% when Pump.fun
activity saw a similar recovery last time.
Related:
BlackRock’s BUIDL expands to Solana as tokenized money
market fund nears $2B
This momentum is also reflected in the strong performance of top
Solana-based memecoins, many of which have posted impressive
returns in recent days. That includes Official Trump (TRUMP) and
Bonk (BONK).
Top Solana memecoins and their performances as of March 26.
Source: CoinGecko
Solana’s memecoin frenzy popped over the weekend when President
Donald Trump
made a social media post explicitly mentioning the TRUMP
memecoin. His endorsement sparked fresh buzz across the sector.
Adding to the bullish tailwinds,
Pump.fun’s newly launched decentralized exchange (DEX) has
crossed $1 billion in cumulative trading volume since its debut on
March 19. The launch has driven even more activity to the Solana
network, helping push SOL’s price up over 15% in the process.
This article does not
contain investment advice or recommendations. Every investment and
trading move involves risk, and readers should conduct their own
research when making a decision.
...
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