Solana (SOL) worth appears to be like able to rise in April primarily based on a traditional bullish reversal indicator and indicators of renewed urge for food for memecoins.
Technicals present 65% SOL worth rally in play
As of March 26, SOL’s worth had entered the breakout stage of what seems to be a falling wedge sample.
A falling wedge varieties when the value consolidates inside a spread outlined by two converging, descending trendlines. In the meantime, the sample resolves when the value breaks above the higher trendline.
SOL/USD each day worth chart. Supply: TradingView
Solana broke above the higher trendline of its falling wedge sample on March 19 and has since maintained bullish momentum. The breakout has held robust, with SOL persevering with to climb within the days that adopted.
With the sample confirmed, the SOL/USD pair is now eyeing $235, a goal obtained by including the wedge’s most top to the breakout stage by April.
Supply: @THEFLASHTRADING
The breakout is supported by bettering momentum indicators. Solana’s relative power index (RSI) has moved above the impartial 50 stage, suggesting strengthening shopping for strain.
A transfer above the 50-day exponential transferring common (50-day EMA; the crimson wave) at $154 might additional validate the breakout. Nonetheless, if SOL retreats from the EMA resistance, then the bullish reversal can be prone to invalidation.
Solana memecoin sector is in restoration
Past the charts, Solana’s onchain exercise is seeing a recent wave of memecoin enthusiasm. Over 8 million tokens have been launched on Solana, and up to date each day deployments have rebounded sharply.
Notably, Solana-based memecoin launchpad Pump.enjoyable witnessed the launch of over 34,000 tasks on March 24, in comparison with round 20,190 launches on the month’s starting, the bottom each day depend since November 2024.
Whole tasks deployed through Pump.Enjoyable. Supply: Dune Analytics
The spike in memecoin launches mirrors the restoration witnessed in December 2024, proper after a month-long cooling interval.
SOL/USD each day worth chart. Supply: TradingView
The surge in memecoin deployments factors to renewed demand and elevated community exercise — a pattern that has traditionally preceded SOL worth rallies. Solana worth rose by over 68% when Pump.enjoyable exercise noticed an analogous restoration final time.
Associated: BlackRock’s BUIDL expands to Solana as tokenized money market fund nears $2B
This momentum can also be mirrored within the robust efficiency of high Solana-based memecoins, lots of which have posted spectacular returns in current days. That features Official Trump (TRUMP) and Bonk (BONK).
High Solana memecoins and their performances as of March 26. Supply: 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 recent buzz throughout the sector.
Including to the bullish tailwinds, Pump.fun’s newly launched decentralized exchange (DEX) has crossed $1 billion in cumulative buying and selling quantity since its debut on March 19. The launch has pushed much more exercise to the Solana community, serving to push SOL’s worth up over 15% within the course of.
This text doesn't include funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a call.
