Solana (SOL) ends 10-month losing streak: Can it rebound to $150?

Core Highlights

• Large-scale token acquisitions: Large investors have purchased a cumulative of 285,503 SOL tokens through Hyperliquid in the past few weeks, worth approximately US$28.82 million.
• Gold cross pattern hints at the possibility of $150:Solana closed its first monthly positive line in nearly a year after recovering from the $60 level. Technical indicators show that the monthly RSI has broken through multi-year resistance levels, while MACD is about to enter bullish territory.
• The daily chart forms a golden cross: This technical signal suggests that prices may rise further above $150.
• Strong ecosystem performance: Solana network's real world asset (RWA) ecosystem valuation reached a record $4.35 billion and dominated the share of meme transactions.

Solana (SOL) Price Trends and Technical Analysis

Solana (SOL) is currently trading around $102, down 3% over the past day. However, looking at it from a broader perspective, the token has posted a strong 34.8% gain over the past month. Today's trading activity kept the token price between $102.28 and $105.20.

Technical analysis reveals three important developments in the monthly time frame. The second indicator to watch out for is MACD, which seems to be preparing to form a bullish cross pending confirmation. In addition, the RSI indicator has successfully broken through a downtrend line that has restricted price movements for about 24 months.

Market analyst Ash Crypto shared his observations on the X platform: "$SOL currently displays one of the most bullish forms of cryptocurrencies. It closed its green monthly K-line for the first time in 10 months. The monthly MACD is about to form a bullish cross. The monthly RSI has broken a two-year downward trend. Has SOL embarked on a major bullish reversal?" The comment highlighted changes in momentum but did not assert that the reversal had been confirmed.

$SOL currently displays one of the most bullish forms of cryptocurrencies.

-Closing the green monthly K-line for the first time in 10 months

-Monthly MACD is about to form a bullish cross

-Monthly RSI has broken a two-year downward trend

Has SOL embarked on a major bullish reversal?

Previously, the token reached levels above $200, and then fell to around $60. Maintaining support in the $60 to $80 range is critical to maintaining the current recovery model. A breakthrough and firm above $100 to $120 will add credibility to the bullish argument.

Large-scale token acquisitions

Blockchain tracking data shows that whale wallet HURDw performed a series of SOL purchases over three weeks through Hyperunit's hot wallet. Cumulative positions total 285,503 SOLs with a value of approximately US$28.82 million. The largest single transaction involved 49,732 SOLs worth approximately US$5.07 million.

These acquisitions were spread across multiple transactions rather than one-time bulk orders, and occurred during the period when SOL rebounded from a bottom near $60.

Gold cross pattern hints at the possibility of $150

Technical analyst 0xSweep highlighted the gold cross pattern appearing on the Solana daily chart. This technical signal appears when the short-term moving average rises and crosses the long-term moving average.

Solana's daily chart showed a bullish cross

The last time this occurred, SOL surged 56% in 7 weeks.

A similar rise could push SOL above US$150 by the end of October.

0xSweep compared this with an earlier example of a gold cross on the chart, when this phenomenon was followed by a 56.22% price surge. Push SOL to the $250 range. Extrapolating a similar percentage increase from current price levels suggests that the theoretical target could exceed $150 by the end of October. This forecast is based on comparisons of historical patterns rather than guaranteed forecasts.

Ecosystem Data Overview

Solana Networks 'real-world asset (RWA) division achieved an unprecedented valuation of US$4.35 billion, backed by more than 420,000 RWA token holders. Data from September 7 showed that among the monitored blockchains, Solana accounted for 67% of the monecoin trading volume on spot decentralized exchanges, almost three times Robinhood's 23% market share.