Solana (SOL) price looks ready to rise in April based on a classic bullish reversal indicator and signs of renewed appetite for memecoins.

Technicals show 65% SOL price rally in play

Solana (SOL) price looks set to continue its April rally as a classic bullish reversal indicator signals more gains and onchain data shows renewed appetite for memecoins.

Solana price could rally 65% by April

Technical analysis shows that SOL’s price has entered the breakout stage of what appears to be a falling wedge pattern.

A falling wedge forms when the price consolidates inside a range defined by two converging, descending trendlines. The pattern resolves when the price breaks above the upper trendline.

SOL/USD daily price chart. Source: TradingView

Solana broke above the upper trendline of its falling wedge pattern on March 19 and has since maintained bullish momentum. The breakout has held strong, with SOL continuing to climb in the days that followed.

With the pattern confirmed, the SOL/USD pair is now eyeing $235, a target obtained by adding the wedge’s maximum height to the breakout level by April.

The breakout is supported by improving momentum indicators. Solana’s relative strength index (RSI) has moved above the neutral 50 level, suggesting strengthening buying pressure.

A move above the 50-day exponential moving average (50-day EMA; the red wave) at $154 could further validate the breakout. However, if SOL retreats from the EMA resistance, then the bullish reversal would be at risk of invalidation.

Solana memecoin sector is in recovery

Beyond the charts, Solana’s onchain activity is seeing a fresh wave of memecoin enthusiasm. Over 8 million tokens have been launched on Solana, and recent daily deployments have rebounded sharply.

Notably, Solana-based memecoin launchpad Pump.fun saw the launch of over 34,000 projects on March 24, compared to around 20,190 launches at the month’s beginning, the lowest daily count since November 2024.

Total projects deployed via Pump.Fun. Source: Dune Analytics

The spike in memecoin launches mirrors the recovery witnessed in December 2024, right after a month-long cooling period.

SOL/USD daily price chart. Source: TradingView

The surge in memecoin deployments points to renewed demand and increased network activity — a trend that has historically preceded SOL price rallies. Solana price rose by over 68% when Pump.fun activity saw a similar recovery last time.

Related: BlackRock’s BUIDL expands to Solana as tokenized money market fund nears $2B

This momentum is also reflected in the strong performance of top Solana-based memecoins, many of which have posted impressive returns in recent days. That includes Official Trump (TRUMP) and Bonk (BONK).

Top Solana memecoins and their performances as of March 26. Source: 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 fresh buzz across the sector.

Adding to the bullish tailwinds, Pump.fun’s newly launched decentralized exchange (DEX) has crossed $1 billion in cumulative trading volume since its debut on March 19. The launch has driven even more activity to the Solana network, helping push SOL’s price up over 15% in the process.