Solana (SOL) is showing strong signs of a bullish breakout heading into April, driven by a classic reversal pattern and renewed excitement in its vibrant memecoin ecosystem.
Technical Setup Hints at a 65% Upside
As of March 26, SOL has confirmed a breakout from a falling wedge pattern — a bullish formation that typically signals the end of a downtrend and the beginning of a new uptrend.
Falling wedges occur when price action compresses between two downward-sloping trendlines. A decisive move above the upper boundary of the wedge confirms the breakout, often triggering strong upside momentum.
Solana broke above this key resistance on March 19 and has since maintained its upward trajectory. With the pattern validated, technical projections place SOL’s next target at approximately $235 — a level calculated by adding the height of the wedge to the breakout point.
Momentum indicators are echoing this bullish sentiment. The Relative Strength Index (RSI) has crossed above the neutral 50 mark, suggesting a shift in market sentiment toward buyers. A move above the 50-day Exponential Moving Average (EMA), currently hovering around $154, would further solidify the bullish case. However, failure to clear this resistance could pose a short-term risk to the uptrend.
Memecoins Ignite Onchain Activity
Beyond technicals, Solana’s onchain ecosystem is heating up again, particularly within the memecoin space. More than 8 million tokens have been deployed on the network, with a sharp resurgence in daily launches recently.
Pump.fun — Solana’s leading memecoin launchpad — recorded over 34,000 new token launches on March 24 alone, a dramatic recovery from the 20,190 launches seen at the start of the month, which marked the lowest daily total since November 2024.
This surge mirrors the pattern seen in December 2024, when renewed memecoin interest preceded a major rally in SOL’s price. Historical data shows SOL gained more than 68% during the last spike in memecoin activity.
Top Solana memecoins are also delivering strong returns, further fueling bullish sentiment. Notable among them are Official Trump (TRUMP) and Bonk, both of which have posted impressive gains in recent days. The sector got an extra boost after former President Donald Trump made a direct reference to the TRUMP memecoin on social media, sparking fresh hype.
Adding to the momentum, Pump.fun’s newly launched decentralized exchange (DEX) has surpassed $1 billion in cumulative trading volume since its March 19 debut — a testament to Solana’s thriving ecosystem. The DEX launch has significantly boosted network activity and contributed to SOL’s 15% price surge over the past week.
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