By Chris Hollingworth 
Solana (SOL) is showing strong potential for a price increase in April, supported by a classic bullish reversal indicator and growing interest in memecoins. Technical analysis indicates a possible 65% rally in SOL’s price.
On March 26, SOL’s price broke out of a falling wedge pattern, a bullish sign in technical analysis. A falling wedge pattern forms when the price consolidates within converging, descending trendlines and typically resolves with a breakout above the upper trendline. Since breaking above the pattern on March 19, SOL has maintained its bullish momentum, with the price continuing to climb. The breakout suggests that the SOL/USD pair could reach $235 by April, calculated by adding the wedge’s maximum height to the breakout level.
The breakout is further supported by improving momentum indicators. Solana’s relative strength index (RSI) has moved above the neutral 50 level, indicating increasing buying pressure. A move above the 50-day exponential moving average (EMA) at $154 would provide additional validation for the breakout. However, a retreat from the EMA resistance could jeopardize the bullish reversal scenario.
Aside from technical indicators, Solana’s onchain activity is experiencing a resurgence in memecoin interest. The network has seen over 8 million tokens launched on Solana, with a notable increase in daily deployments. For instance, Pump.fun, a Solana-based memecoin launchpad, saw a significant uptick in project launches, signaling renewed enthusiasm in the memecoin sector.
The spike in memecoin deployments mirrors a similar recovery period seen in December 2024, leading to increased network activity and demand. Historically, such trends have preceded price rallies in SOL, with the price surging by over 68% during previous memecoin activity peaks.
Furthermore, the performance of top Solana-based memecoins, including Official Trump (TRUMP) and Bonk (BONK), has been strong, reflecting the overall positive sentiment in the sector. President Donald Trump’s recent mention of the TRUMP memecoin on social media added to the buzz surrounding Solana’s memecoin ecosystem.
Additionally, Pump.fun’s decentralized exchange (DEX) has surpassed $1 billion in cumulative trading volume since its launch on March 19, further driving activity on the Solana network. This development has contributed to a more than 15% increase in SOL’s price, highlighting the network’s growing popularity and ecosystem expansion.
It is essential to note that this article does not provide investment advice or recommendations. Investors should conduct their own research and analysis before making any financial decisions.
