- SOL eyes $147 as bullish reversal gains traction
- 34K memecoins boost Solana’s network demand
- DEX volume hits $2.5B pushing SOL momentum
Despite a slight 1.1% dip in the past 24 hours, Solana (SOL) remains resilient, holding firmly above $112 support. Current price sits at $131, with trading volume down nearly 11% to $4.2 billion. Technical patterns, on-chain data, and rising DEX activity suggest the potential for a continued uptrend.
Bullish Reversal Patterns and Key Resistance Levels
Crypto analyst Kingpin Crypto, shared a promising setup for Solana forming an inverse head-and-shoulders pattern on the daily chart. This is often considered a bullish reversal indicator when confirmed by a break of neckline resistance. The analyst emphasized that holding above $115.11 is key for further upward movement.
If the pattern holds, Solana could first target the $147–$153 zone, then potentially test $200. The longer-term target remains $260, which would require a 97% price increase from current levels. Technical indicators also support this scenario. The RSI has risen to 54.42, while the MACD shows a bullish crossover from April 10, reflecting upward momentum.
On the 4-hour chart, the Ichimoku Cloud displays weakening support, but daily signals still show possible strength. A breakout above $135.3 could trigger a rally, supported by visible short positions at that price, as noted by CoinGlass data.
On-Chain Growth and Memecoin Activity Support SOL Price
According to data from Dune Analytics and CoinGecko, Solana’s network activity has risen sharply due to a surge in memecoin launches. Over 34,000 new projects were deployed on March 24 through Pump.fun, showing renewed demand.
This mirrors a previous wave in late 2024 that preceded a strong price rally.Solana is also outperforming rivals in DEX volumes and protocol fees. The network saw $2.5 billion in DEX activity in the past 24 hours, ahead of Ethereum and BNB.
Top protocols like Jupiter and Pump have contributed to this growth, with Pump generating $15 million in fees this week.This activity, along with strong price structure above $112, gives traders reason to watch for further upward movement in the coming weeks.
