The price of Solana (SOL) appears poised for an increase in April, bolstered by a well-known bullish reversal signal and signs of a revived interest in memecoins.
Indicators suggest a possible 65% rise for SOL
As of March 26, the price of SOL had moved into the breakout phase of what looks to be a falling wedge configuration.
A falling wedge is characterized by price movements consolidating within a range marked by two converging, downward-sloping trendlines. This pattern typically resolves when the price breaks above the upper trendline.
SOL/USD daily price chart.
Solana broke past the upper boundary of its falling wedge on March 19, maintaining its upward momentum thereafter. The breakout has remained robust, with SOL continuing its ascent in the subsequent days.
With the pattern now confirmed, the SOL/USD pair is targeting $235, a figure derived by adding the maximum height of the wedge to the breakout level, anticipated by April.
Chart source: @THEFLASHTRADING
The breakout is further supported by strengthening momentum indicators. Solana’s relative strength index (RSI) has risen above the neutral 50 mark, indicating increased buying pressure.
A move exceeding the 50-day exponential moving average (50-day EMA; marked in red) at $154 could reinforce the validity of the breakout. However, a retreat from the EMA resistance could jeopardize the bullish reversal scenario.
Recovery in the Solana memecoin sector
Outside of technical analysis, Solana’s on-chain activity is experiencing a resurgence of memecoin enthusiasm. Over 8 million tokens have launched on the Solana network, with a sharp increase in daily deployments recently.
Specifically, Solana’s memecoin launchpad, Pump.fun, reported over 34,000 new projects on March 24, a significant rise from around 20,190 launches at the beginning of the month, marking the lowest daily count since November 2024.
Total projects launched via Pump.Fun.
This surge in memecoin launches mirrors the recovery observed in December 2024, following a month-long slowdown.
SOL/USD daily price chart.
The uptick in memecoin deployments indicates a resurgence in demand and increased network activity — a trend that has historically preceded price rallies for SOL. In fact, Solana’s price surged over 68% during the last bounce back in Pump.fun activities.
Related: BlackRock’s BUIDL expands to include Solana as the tokenized money market fund approaches $2 billion.
This growing momentum is also evident in the strong performance of leading Solana-based memecoins, many of which have shown remarkable gains in recent days, such as Official Trump (TRUMP) and Bonk (BONK).
Top Solana memecoins and their performance as of March 26.
The excitement surrounding Solana’s memecoins intensified over the weekend after former President Donald Trump made a social media statement directly referencing the TRUMP memecoin, generating fresh enthusiasm in the sector.
Adding to the positive sentiment, Pump.fun’s newly launched decentralized exchange (DEX) has surpassed $1 billion in total trading volume since its launch on March 19, further boosting activity within the Solana network and contributing to a more than 15% increase in SOL’s price.
This article does not constitute investment advice or recommendations. Every investment and trading decision carries risk, and readers should perform their own research before proceeding.