A resurgence in the memecoin sector and the launch of a new decentralised exchange (DEX) are fuelling a bullish outlook for Solana (SOL), with analysts predicting significant price gains in the coming weeks.

Technical Indicators Suggest Strong Upside

As of 26 March, Solana’s price has entered a breakout phase following the confirmation of a falling wedge pattern—a widely recognised bullish reversal indicator. This pattern forms when price action consolidates within two converging, downward-sloping trendlines before breaking out above the upper boundary.

SOL successfully surpassed this upper trendline on 19 March and has maintained strong momentum since. Analysts suggest that this breakout could propel SOL/USD to $235 in April, representing a potential 65% surge. This price target is derived from the wedge’s maximum height added to the breakout level.

Momentum indicators further support this bullish outlook. Solana’s relative strength index (RSI) has moved above the neutral 50 level, indicating increased buying pressure. Additionally, if SOL manages to clear resistance at the 50-day exponential moving average (EMA) of $154, it could further validate the breakout. However, failure to hold above this level could put the bullish reversal at risk.

Memecoin Resurgence Drives Onchain Activity

Beyond technical patterns, Solana’s network activity is seeing a fresh wave of enthusiasm, particularly in the memecoin sector. The blockchain has witnessed the launch of over eight million tokens, with a sharp increase in daily deployments.

Notably, Solana-based memecoin launchpad Pump.fun recorded more than 34,000 project launches on 24 March, up from around 20,190 at the beginning of the month. This spike in activity mirrors a previous recovery in December 2024, which followed a month-long cooling period.

Historically, such surges in memecoin launches have preceded major SOL price rallies. In the last instance of a similar recovery in Pump.fun activity, Solana’s price climbed by over 68%.

Trump’s Influence Boosts Solana’s Memecoin Sector

The renewed excitement in Solana’s memecoin space was further amplified over the weekend when former US President Donald Trump made a social media post explicitly referencing the TRUMP memecoin. His endorsement created fresh buzz, leading to strong gains across multiple Solana-based tokens, including Bonk (BONK) and TRUMP.

Pump.fun’s New DEX Fuels Additional Growth

Adding to Solana’s bullish momentum, Pump.fun recently launched a decentralised exchange (DEX), which has already crossed $1 billion in cumulative trading volume since its debut on 19 March. The DEX’s rapid growth has significantly increased network activity, contributing to SOL’s recent 15% price surge.

As the memecoin sector continues its recovery and the newly launched DEX drives further engagement, Solana’s bullish trend appears to be strengthening. If these factors sustain their momentum, SOL could see substantial gains in the coming weeks, with analysts closely watching its next move above key technical levels.