Past 860% Rally Signal Appears Again…Solana Showing Unusual Activity

▲ Solana (SOL)/ChatGPT generated image ©

While Solana is taking a breather in the $86 range, a weekly Moving Average Convergence Divergence (MACD) buy signal is showing a pattern similar to those just before past major rallies, drawing market attention once again.

According to TradingNews, an investment media outlet, on April 24 (local time), Solana (SOL) traded around $86.37, down 0.43% over 24 hours. Its market capitalization was recorded at $49.74 billion, and its 24-hour trading volume was approximately $2.99 billion. While the short-term price is bearish, the key point is that the weekly Moving Average Convergence Divergence (MACD) buy signal appeared similarly to before the rallies in 2021, 2023, and 2025.

The outlet explained that this signal occurred before past increases of 617%, 860%, and 100%, respectively. Additionally, the weekly Relative Strength Index (RSI) recently dropped below 35 for the first time in 1,200 days before recovering to the 35 level. This analysis suggests it could be interpreted as a signal of medium-to-long-term bottom formation despite short-term fatigue.

Technically, breaking above $90 is the most critical turning point. Solana is maintaining support at $78-$80 within an ascending channel, and a symmetrical triangle pattern has also entered a convergence zone. If $90 is broken on a daily closing basis, there could be room for an ascent to $96, then $100, and finally to the measured target price of $130. However, the $90-$92 range is identified as a strong resistance area due to a concentrated average purchase price of approximately 9.9 million SOL, indicating selling pressure.

Institutional demand also supports the mid-term bullish argument. Cumulative inflows into Solana spot ETFs have exceeded $1 billion, with an additional $3.28 million flowing in on April 20 alone. The assets under management for Bitwise, Fidelity, and Morgan Stanley Solana ETFs have also surpassed $1 billion, leading to the interpretation that institutional investors view price weakness as an accumulation opportunity.

From a fundamental perspective, the 'Onchain Nasdaq' concept and the Firedancer validator client were cited as key catalysts. Solana's on-chain economy exceeded $1 trillion in Q1 2026, with 4,100 new developers joining, accounting for 23% of all cryptocurrency developer activity. However, in the short term, a break below $81 could lead to a retest of the $78-$80 support level, and further collapse could see a decline into the $70s. Therefore, whether $90 is broken through is presented as the key criterion for determining direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*