Key Highlights
- Solana closed its first positive monthly candle in nearly a year following a rebound from approximately $60
- The monthly RSI indicator has broken free from a two-year downward trend line; MACD signals point toward bullish momentum
- Large holder accumulated 285,503 SOL tokens valued at $28.82 million through Hyperliquid over a three-week period
- Technical analysts identify a golden cross pattern on daily charts, suggesting potential movement toward $150
- The network’s Real World Asset ecosystem reached an all-time high of $4.35 billion while dominating 67% of multichain memecoin trading volume
Solana (SOL) is currently changing hands around $102 following a 24-hour decline of 3%. However, zooming out reveals a different picture, with the token gaining 34.8% throughout the last 30 days. Today’s price action has kept SOL within a range of $102.28 to $105.20.
A second technical indicator gaining attention is the monthly MACD, which appears poised for a bullish crossover pending confirmation. Additionally, the monthly RSI has successfully breached above a downward-sloping trendline that constrained price action for approximately two years.
Crypto analyst Ash Crypto shared observations on X platform: “$SOL is showing one of the most bullish setups in crypto right now. Closed its first green monthly candle in 10 months. Monthly MACD is about to cross bullish. Monthly RSI has broken a 2 year downtrend. Is SOL starting its major bullish reversal?” While the analyst refrained from declaring a definitive reversal, they acknowledged the notable shift in momentum patterns.
Before its decline, SOL reached price levels exceeding $200 prior to the pullback toward $60. Maintaining support within the $60 to $80 range would be crucial for sustaining the recovery trajectory. A sustained break above the $100 to $120 corridor could provide additional validation for bullish continuation.
Large-Scale Accumulation Activity
Blockchain analytics reveal that whale wallet identified as HURDw executed consistent SOL purchases via Hyperunit’s hot wallet spanning three weeks. Combined acquisitions totaled 285,503 SOL tokens with an approximate value of $28.82 million. The most substantial individual transaction involved 49,732 SOL, representing roughly $5.07 million.
Rather than executing a single large-scale purchase, the accumulation strategy involved multiple separate transactions. This buying activity coincided with SOL’s price recovery phase from its bottom near $60.
Technical Golden Cross Pattern Suggests $150 Possibility
Market analyst 0xSweep highlighted the formation of a golden cross on Solana’s daily timeframe chart. This technical pattern emerges when a short-term moving average crosses upward through a longer-term moving average.
The analyst drew parallels to a prior golden cross formation on the same chart, which preceded a 56.22% price surge that propelled SOL into the $250 territory. Extrapolating similar percentage gains from current price levels suggests a potential objective above $150 by October’s conclusion. This projection relies on historical pattern analysis rather than representing a guaranteed forecast.
Beyond technical patterns, Solana’s Real World Asset ecosystem achieved a record total value of $4.35 billion, supported by more than 420,000 RWA token holders operating on the network. Data from September 7 showed Solana commanding 67% of spot decentralized exchange memecoin trading volume among monitored blockchains—almost triple Robinhood’s 23% market share.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
