Key Highlights
- Solana posted its first positive monthly close in 10 months following a recovery from the $60 zone
- The monthly RSI has broken through a two-year declining trendline; MACD nears bullish crossover territory
- Large holder accumulated 285,503 SOL tokens valued at $28.82 million across three weeks via Hyperliquid
- Daily chart golden cross formation suggests possible rally toward $150 based on historical patterns
- Solana’s Real World Asset ecosystem reached record $4.35 billion valuation while dominating 67% of memecoin trading volume
Solana (SOL) currently trades around $102 following a 24-hour decline of 3%. However, the token has posted impressive gains of 34.8% throughout the past month. Today’s trading activity has kept the price between $102.28 and $105.20.
The second technical indicator involves the monthly MACD, which is moving toward a bullish crossover pattern. This crossover remains unconfirmed at present. The third signal comes from the monthly RSI, which has successfully breached a downward trendline that persisted for approximately two years.
Market analyst Ash Crypto shared on X: “$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 highlighted the momentum shift, they refrained from declaring a confirmed reversal.
Solana previously reached prices exceeding $200 before dropping to the $60 level. Maintaining support in the $60 to $80 range would keep the recovery pattern intact. Breaking through resistance between $100 and $120 could provide additional confirmation of bullish momentum.
Major Holder Accumulates Tokens
Blockchain tracking data reveals that whale wallet HURDw executed multiple SOL purchases through Hyperunit’s hot wallet spanning a three-week period. The cumulative acquisition totaled 285,503 SOL tokens, representing approximately $28.82 million in value. The most substantial individual transaction involved 49,732 SOL, worth roughly $5.07 million.
This accumulation strategy unfolded through numerous separate transactions instead of a single bulk purchase, and coincided with SOL’s price recovery from its bottom near $60.
Golden Cross Formation Suggests $150 Potential
Cryptocurrency analyst 0xSweep highlighted a newly formed golden cross pattern on Solana’s daily timeframe chart. This bullish technical pattern emerges when a short-term moving average crosses upward through a longer-term moving average.
0xSweep drew parallels to a prior golden cross on the same chart, following which SOL appreciated approximately 56.22% and touched the $250 price level. Extrapolating the same percentage increase from current price levels suggests a potential objective beyond $150 by late October. This projection represents a historical comparison rather than a guaranteed price forecast.
Solana’s Real World Asset ecosystem achieved a fresh record high of $4.35 billion in aggregate value, now supporting more than 420,000 RWA token holders across the network. On September 7, Solana commanded 67% of spot decentralized exchange memecoin trading volume among monitored blockchains, almost tripling Robinhood’s 23% market share.
The post Solana (SOL) Breaks 10-Month Losing Streak With First Green Monthly Close appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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