Solana’s ‘early stage bull market’ hints at 65% SOL price gains by April
The post Solana’s ‘early stage bull market’ hints at 65% SOL price gains by April appeared on BitcoinEthereumNews.com.
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…
Filed under: News - @ March 26, 2025 10:24 pm