Solana (SOL) is poised for a price rise in April, supported by technical indicators and renewed interest in memecoins.
Technical Analysis: Price Growth Opportunities
As of March 26, SOL's price reached the breakout stage of a falling wedge pattern, which suggests potential growth. The breakout occurred on March 19, as the price broke above the upper trendline and maintains a bullish momentum. The target for the end of April is $235, calculated by adding the wedge's maximum height to the breakout level. The Relative Strength Index (RSI) is also strengthening, moving above the neutral 50, and a move above the 50-day exponential moving average (50 EMA) is anticipated.
Memecoin Activity on Solana Network
Memecoin activity on Solana shows increased interest. Over 8 million tokens were launched in March, indicating renewed enthusiasm. The platform Pump.fun recorded over 34,000 project launches on March 24, in contrast to around 20,190 launches at the beginning of the month, which was the lowest since November 2024.
Additional Price Growth Factors
The renewed activity on the Pump.fun platform, which launched a decentralized exchange (DEX) that exceeded $1 billion in trading volume since its launch on March 19, also contributes to the positive dynamics on the Solana network, reinforcing the price growth outlook. The presence of the TRUMP memecoin also contributed to the overall interest in the network.
Solana shows strong growth prospects due to technical indicators and increased activity in the memecoin sector, which has historically influenced positive SOL price movements.
