Solana closes first green monthly candle in 10 months, analysts eye $150 target

Technical indicators signal momentum shift

Several technical indicators on monthly charts have started to favor a bullish scenario for Solana. The RSI, a commonly referenced momentum gauge, broke out of a multi-year downward resistance line that had previously restricted price growth for approximately 24 months. Meanwhile, the MACD—a long-term trend indicator—appears on the verge of a bullish crossover, pending further confirmation.

“$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?” Analyst Ash Crypto observed, suggesting a possible shift in long-term sentiment but stopping short of confirming a definitive reversal.

Analysts expressed that holding above the $60 to $80 zone remains critical for maintaining Solana’s present recovery trajectory. Breaking and consolidating above the $100 to $120 band could reinforce the view that a significant bullish move is underway.

Whale acquisitions reinforce market activity

On-chain data showed an uptick in large-scale token accumulation. Over a three-week period, blockchain explorer records linked the address HURDw with sequential purchases totaling 285,503 SOL, equivalent to approximately $28.82 million. These acquisitions took place using the Hyperliquid platform, involving a series of smaller transactions rather than a single purchase. The largest of these movements was worth about $5.07 million.

Significant activity from whale wallets, especially during a recovery phase, can influence market sentiment and liquidity.

Mini dictionary: Hyperliquid, a decentralized perpetual futures exchange, allows users to trade large cryptocurrency positions directly from their wallets with high leverage.

Golden cross and price projections

On the daily chart, technical analyst 0xSweep highlighted the formation of a golden cross—a bullish signal that occurs when a short-term moving average rises above a long-term moving average. According to 0xSweep, the previous instance of this pattern on Solana preceded a 56.22% rally over roughly seven weeks, eventually pushing SOL above $250.

Solana’s daily golden cross could lead to a similar move as seen in the past, potentially sending SOL to the $150 mark by October if history repeats, the analysis stated.

Network milestones and ecosystem growth

Solana’s real-world asset (RWA) ecosystem has reached a new all-time high valuation of $4.35 billion, attracting over 420,000 RWA token holders. Data from September 7 indicated that Solana accounted for 67% of spot decentralized exchange memecoin trading volume monitored across major blockchains. This share was nearly three times greater than Robinhood’s 23% market presence in this sector.

The strong RWA growth and rising token activity reinforce the broader interest in the Solana network, a high-performance blockchain known for its fast transaction speeds and active developer community.

Mini dictionary: Real-world assets (RWA) are on-chain representations of physical or traditional financial assets, such as real estate, commodities, or stocks, allowing them to be bought, sold, or used in decentralized finance applications.