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Home > Cryptocurrency > Violent Trend Reversal in Solana’s April Prices Has Altcoin Degens Drooling

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Violent Trend Reversal in Solana’s April Prices Has Altcoin Degens Drooling

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3 weeks ago

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The fastest commercial-grade smart contract blockchain in a speed test by CoinGecko last May, Solana’s SOL is the #5 largest non-stablecoin cryptocurrency by total market capitalization.

SOL’s price whipped up on a 38% rally over 10 days from Apr. 7 to Apr. 10. Meanwhile, Bitcoin’s price decoupled from a bad week in stocks and added 11%. By comparison, Ethereum prices jumped by just 6%.

The following five items are pertinent to Solana’s fast capital gains in mid-April.

1. 2025’s Bullish SOL Falling Wedge Pattern

In mid-April, the chart shows classic converging trend lines, with the big upswing beginning the second week of the month really pulling the Solana price outlook’s borderlines into that bullish formation.

The falling wedge pattern is a classic bullish signal. They often precede a bull run beginning near the time when the trend lines converge on the chart. Solana’s 2025 falling wedge shows up on the 1Y view starting in late January.

The trend lines of support tracing low price outliers came in higher as the weeks go on, while the trend lines of resistance tracing high price outliers came in lower. They converge right around the time of Solana’s mid-April price rally.

Furthermore, Solana prices also threw up a cup and handle signal on the 1M window, concurrent with the bullish flip out of the falling wedge trend. It also exhibits the classic declining daily trade volume during the handle formation.

The 10-day little teapot formation began on Wednesday, Apr. 2 and ended Saturday, Apr. 12, followed by the textbook downward drifting side channel for a 4-day handle until Wednesday, Apr. 16, followed by a bullish test to rally mid-week.

The April chart for SOL tokens also features a neat 4-day mini-cup and handle within the handle of the 10-day teapot. So the market technical indicators are beautifully bullish this month.

2. Solana Tokens Cost Basis Support at $130

In addition to the bullish chart patterns for Solana in April, there are other market technical signals with effects on Solana’s price in future markets.

Blockchain insights firm Glassnode noted on Apr. 15 that the median cost basis, or the price at the most recent trade that shows up for the most SOL tokens, was $129.79.

That median cost basis near the average trading price mid-April could work as an investor bias and market price ratchet locking in support for more growth at current price levels, the blockchain intelligence firm noted.

“This zone could act as a support during future drawdowns, reflecting high investor engagement at this price level,” Glassnode wrote.

3. Real Estate Giant Proxy Staking $1/2 Billion of SOL

Meanwhile, as traders pull their stop-go traffic routine on the market price chart, Janover, the Boca Raton, Florida real estate commercial financing giant, is locking in new long-term support for Solana prices.

In April, Janover hired former Kraken C-execs to build a corporate stockpile of Solana, following the financial strategy set by Michael Saylor at MicroStrategy with corporate Bitcoin financing.

The Florida company bought an initial tranche of some $20 million worth of SOL tokens. Meanwhile, it’s partnering with Kraken, which is delegating about half a billion dollars worth of Solana tokens to Janover to proxy manage staking them and operating node validators for Solana yield.

While Ethereum waits for the financial establishment in Washington to approve ETF staking for regulated investors, Solana developers are implementing a strategy that worked for Bitcoin to deliver regulated SOL staking.

Both crypto markets and stock markets enthusiastically rewarded Strategy/Bitcoin in both currency exchange prices and the prices of regulated tickets for stock traders to capitalize on BTC.

MSTR stock started 2023 at $16 and traded this April for $316. Meanwhile, Janover stock surged an astounding 1,500% in under 30 days from $5 in March to $75 in April, according to Google Finance.

4. NFT App OpenSea Rolls Out Solana Trading

Adding to Solana’s integrations in April, premier NFT exchange OpenSea piloted SOL token swaps.

“Solana token trading is now live on OS2 for some closed beta users & will be rolling out to more in the coming weeks,” OpenSea wrote.

Meanwhile, 5 of the Top 7 blue chip meme coin gainers on the 7D window, according to CoinMarketCap data mid-April, are minted by Solana: MANEKI, BROCC, AIDOGE, DOGEGOVCOM, and POPCAT. MANEKI, Japanese for lucky cat, posted a 255% weekly green candle.

5. Four Solana ETFs Launch in Canada

Finally, for this brief summary, four Solana ETFs launched on the Toronto Stock Exchange in mid-April following a green light from the Ontario Securities Commission (OSC).

Meanwhile, Solana led most other altcoins in April by the number of live applications at the SEC for a custodial exchange-traded cryptocurrency fund in the US.

Ripple was the leader at 10, but Solana was second with 5, with DOGE and LTC next at 3 each, according to public records data compiled by Paris-based blockchain intel firm Kaiko.

Institutional demand for Ripple is very strong in 2025. Here are 5 Ripple meta narratives backing UK bank Standard Chartered’s recent forecast of 525% upside from XRP’s April price levels.

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Cryptocurrency

UFC Legend Conor McGregor Wants a Bitcoin Strategic Reserve in Ireland

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5 hours ago

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May 11, 2025

Conor McGregor, the 36-year-old UFC legend with 22 wins and 6 losses, has urged his homeland to become a crypto hub by implementing a digital asset reserve.

He asserted that crypto in its origin was “founded to give power back to the people,” and noted that he will co-host a Twitter (X) space to “talk about what I want to see changed.”

While he spoke about both crypto and Bitcoin in terms of Irish reserve, many of the comments below his original post urged him and his country to focus only on the largest digital asset.

Anthony Pompliano was among the first to pick up McGregor’s call for a Bitcoin Strategic Reserve in Ireland and, expectedly, praised the move.

The notion of countries adopting BTC as a strategic reserve asset has been talked about for years within the community. However, it was just a distant dream until very recently.

The idea is that bitcoin has similar qualities like gold, and the yellow metal used to back numerous fiat currencies and is still held en mass by numerous central banks. So, why not BTC, right?

Well, the critics have argued for the past few years that bitcoin is too young and volatile and hasn’t matured yet to be in such a responsible position. After the US elections, though, the tides have turned.

Current US President Donald Trump has dabbled with the idea of establishing a Bitcoin Strategic Reserve in the country, and there are multiple discussions on the matter among different countries. Although it still feels too early, as most are just that – discussions or blatant rejections – it could be considered as a move in the right direction. It has to start from somewhere, right?

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Ripple’s Price Underperforms, But Here’s Some Really Good News for XRP

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5 hours ago

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May 11, 2025

TL;DR

  • Ripple Labs received some good news this past week from the SEC, but the native token hasn’t really picked up the pace, unlike many of its rivals.
  • Now, though, analysts tend to believe that the asset is due for some big gains.

The broader crypto market was revived in the past week as bitcoin finally broke above $100,000 and tapped a new multi-month peak at over $104,000. Many altcoins, such as DOGE, SOL, and HYPE, posted impressive gains, and so did ETH. In fact, Ethereum’s weekly increase stands at over 31%.

At the same time, XRP is also in the green, of course, but its weekly surge stands at just over 9%. On a monthly scale, it has added 21% (impressive, yes) but nowhere near as notable as ETH’s 54% surge or even BTC’s 28% jump.

What’s even more surprising is that the SEC officially filed for a settlement in the legal case against Ripple Labs and wants just a $50 million penalty payment, which is a fraction of the $2 billion it initially asked for.

Nevertheless, XRP still managed to break through an important resistance set at $2.26 and closed well above it on the daily. The short-term target for the asset is at $2.6, said Ali Martinez, who posted an update today with even more good news for XRP’s future price performance.

The analyst with over 137,000 followers on X said the SuperTrend Indicator had just flashed a buy signal for XRP.

Chad Steingraber found some similarities between the current market structure and the events that transpired in January. At the time, XRP’s Open Interest soared to almost $5 billion, and its price skyrocketed from $2.3 to roughly $3.4 within a week. Now, the Open Interest is close to those levels.

BitGuru noted that XRP had broken out of a double bottom and is “riding a strong uptrend with higher highs.” If it manages to stay above $2.23, which is far below the current price tag of $2.4, it could experience another bullish leg up, they added.

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DOGE Explodes by 35% in 2 days But Is That Just the Start?

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5 hours ago

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May 11, 2025

TL;DR

  • Meme coin season seems to be returning as numerous representatives of that niche have recorded massive gains, including their leader.
  • DOGE’s price has soared by double-digit on a daily, weekly, and monthly scale, but analysts seem to be aligned in thinking that this is just the start.

Recall that DOGE’s price had tumbled to a multi-month low of $0.13 just several weeks back, during the darkest hours of the Trade War between the US and essentially the rest of the world. As the global macro conditions improved, though, so did the crypto market, and Dogecoin has been among the frontrunners of gains.

Fast forward to May 8, the OG meme coin’s price stood at around $0.17. In just a short 48-hour period, its price skyrocketed by 35% to its highest levels since early March of $0.23.

Popular crypto analysts quickly picked up the move and outlined even more bullish price targets for the largest meme coin. Ali Martinez was among the more modest ones, envisioning a price surge to $0.27 as DOGE has rebounded “strongly from its ascending support trendline.”

Satoshi Flipper was even more bullish, indicating that DOGE’s price against the dollar is “ripping” and their chart predicts a price surge toward $0.4.

Cephii told their almost 80,000 followers on X that Dogecoin will have a new floor price because of the ETFs that they believe have a “high likelihood of being approved.” They advised people to hold and continue buying if the price slips to $0.19 once again.

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