Solana’s price has surged over 35% since its June low, forming a rare pattern that suggests potential gains in the coming weeks.
According to crypto.news data, Solana (SOL) was trading at $176.5 on August 12, marking a 9% increase over the past 30 days and a 40% rise from its year-to-date low. The token’s market capitalization stood at $95.1 billion at the time of reporting.
Several bullish developments over the past week indicate that Solana’s price could continue to climb.
First, public companies have increased their Solana purchases to benefit from the blockchain’s staking rewards. Notably, Bitcoin mining firm Bit Mining, Upexi, and DeFi Development Corp have disclosed recent token acquisitions. Bit Mining plans to raise $200 million to $300 million in phases to buy more Solana and build a dedicated treasury.
Second, Solana is gaining momentum as a platform for real-world asset tokenization. A recent landmark agreement between the Solana Foundation and R3—a company whose clients include HSBC, Bank of America, Euroclear, and MAS—aims to integrate the Solana blockchain for asset tokenization.
Third, the network’s strong technical indicators support further growth. Daily active addresses surged over 16% in just one day, reflecting increased user engagement, which often boosts bullish momentum in the weeks ahead.
SOL has formed a golden cross
SOL has formed a golden cross on the daily chart, a pattern that occurs when the 50-day simple moving average crosses above the 200-day moving average. This formation is widely regarded as a bullish signal among crypto traders.
A similar pattern appeared last October, when SOL surged nearly 50% over the following three months.
If history repeats itself, SOL could experience a comparable rally this time, potentially pushing its price up to $240.
In addition to this, SOL has formed a cup-and-handle pattern, with its base at $126.4 and resistance near the neckline at $187.74.
The distance between the cup’s high and low is about 48%. Applying this same percentage from the neckline suggests a potential rally toward $248, slightly above the target indicated by the golden cross.
When both a golden cross and a cup-and-handle pattern appear together, it represents two strong bullish signals aligning, which traders often see as a high-probability setup for an upward trend continuation.
However, this optimistic scenario would be negated if SOL’s price drops below the nearest support level at around $156, which marks the lower boundary of the handle.
