Altseason backdrop and nearly $3 billion in new treasury buys boost Solana’s upside case.
Solana (SOL) is flashing a rare golden cross versus Bitcoin (BTC), a setup that has historically fueled parabolic rallies in both BTC and US dollar terms.
As of Thursday, SOL/BTC’s 50-day simple moving average (50-day SMA; the red wave) was on course to climb above the 200-day SMA (the blue wave), confirming a golden cross pattern.
“We’ve seen this play before… 2021, 2023, and now setting up again in 2025,” says analyst Ran Neuner, and that the setup is “screaming [for] a major move in SOL.”
In early 2021, SOL/BTC’s first golden cross fueled an approximately 1,900% breakout against Bitcoin. The second cross in mid-2023 produced a similar outcome.
Moreover, SOL/BTC’s rise coincided with major rallies in the SOL/USD pair. For instance, Solana gained 1,890% against the US dollar, climbing from $13 to over $260, after SOL/BTC’s golden cross confirmation in 2021.
Solana gained over 1,000%, rebounding from around $20 to above $250, after the second SOL/BTC golden cross in 2023.
These SOL/USD and SOL/BTC bull runs have previously coincided with broader “altseasons,” when capital rotates from Bitcoin into high-beta tokens.
In 2021, Solana’s breakout came during the DeFi boom that lifted the entire altcoin market. In 2023, the move followed a similar script as post-FTX recovery liquidity flowed into altcoins.
This year, the backdrop looks equally supportive. Ether (ETH) has already outperformed Bitcoin in recent months, often seen as an early sign of altseason strength.
At the same time, historical Bitcoin halving fractals suggest liquidity expansion and capital rotation typically accelerate over a year after the halving, a pattern that could once again set the stage for a major Solana rally.
Solana (SOL) is trading within a broadening wedge, or megaphone pattern, with the upper trendline aligning near the $295-$300 zone as the next major resistance by October.
The setup comes as SOL/USD holds comfortably above its 50-week and 200-week EMAs, while the weekly RSI remains bullish at 61, suggesting further upside momentum.
Fibonacci retracement levels also reinforce the $295 area as a critical breakout point.
Fundamentally, Solana’s outlook is supported by news of growing demand from corporate treasuries.
This week, Galaxy Digital, Jump Crypto, and Multicoin Capital revealed plans to raise over $1 billion for a Solana treasury fund backed by the Solana Foundation.
Sharps Technology has also committed $400 million to its Solana reserves, while Pantera Capital is pursuing a $1.25 billion Solana-focused vehicle.
Related: Solana needs three catalysts to push SOL beyond $200 toward $250
Together, these moves represent nearly $3 billion in potential new demand for institutional portfolios. That may further boost SOL’s potential to hit $300 in the coming weeks.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
