Solana’s April Surge: Degens Rejoice! 🚀

by

Ah, Solana, that blockchain marvel, lauded by CoinGecko as the swiftest steed in the smart contract race last May. A veritable titan, it stands as the fifth mightiest, excluding those stablecoin charlatans, in the cryptocurrency arena. 🧐

Your beloved, venture capitalist-coddled tokens are, alas, in dire straits.

Yet, Solana’s realm of the degenerate gambler is minting fortunes, changing lives, no less.

Cease your lamentations for the macro, and instead, toil like a serf! 🚜

— Xia (@xiaweb3) April 17, 2025

Lo, Solana’s price, a fickle mistress, embarked on a 38% ascent over ten days, beginning on April 7. Bitcoin, meanwhile, defying the stock market’s woes, added a mere 11%. Ethereum, that lumbering giant, could only muster a paltry 6%. Such is the disparity, the injustice! 😠

Let us now delve into the five pivotal elements that have propelled Solana’s swift capital gains in this mid-April saga.

1. The Bullish Falling Wedge, a 2025 Omen

$SOL || Towards $250

Remember when we, in our infinite wisdom, acquired Solana at a mere ~$100? #Solana

— Christiaan (@ChristiaanDefi) April 17, 2025

The chart, in its inscrutable language, reveals classic converging trend lines. The upswing, commencing in the second week, pulls Solana’s price outlook, like a reluctant peasant, into that bullish formation. A falling wedge, they call it – a harbinger of bull runs, a signal as reliable as a Soviet tractor! 🚜

This wedge, visible on the 1Y view since late January, shows support lines tracing low price outliers rising like saplings, while resistance lines tracing high price outliers descend like the hammer of justice. They converge, inevitably, around the time of Solana’s mid-April rally. Such precision! Such inevitability! 😮‍💨

Furthermore, Solana’s price, like a babushka brewing tea, formed a cup and handle signal, concurrent with the bullish flip. The daily trade volume, like the dwindling rations in a gulag, declined during the handle formation. A textbook case, if ever there was one! ☕

The teapot formation – a mere ten days – began on April 2nd and ended on April 12th, followed by the downward drifting side channel for a four-day handle, until April 16th. A bullish test rallied mid-week. The market technical indicators? Beautifully bullish, comrades! 🌹

The April chart also boasts a neat four-day mini-cup and handle within the handle of the ten-day teapot. Such fractal beauty! Such market sorcery! ✨

2. Solana’s Cost Basis Support at $130, a Fortress of Value

#Solana’s URPD reveals a major shift, forming the largest supply cluster (>5%) at $129.79. This zone, a bastion of support, could act as a shield during future drawdowns, reflecting high investor engagement.

— glassnode (@glassnode) April 15, 2025

Beyond the bullish chart patterns, there exist other market technical signals, with effects on Solana’s price in future markets. Blockchain insights firm Glassnode noted that the median cost basis – the price at the most recent trade for the most SOL tokens – was $129.79. A price as significant as Lenin’s birthday! 🎂

This median cost basis, near the average trading price, could work as an investor bias, a market price ratchet locking in support for more growth. A veritable foundation upon which to build a socialist utopia… or, you know, just more crypto speculation. 🤷‍♂️

“This zone could act as a support during future drawdowns, reflecting high investor engagement,” Glassnode wrote. Such profound insights! Such capitalist jargon! 🤑

3. Real Estate Giant Proxy Staking $1/2 Billion of SOL, a Colossus Striding In

1000-year-old financial systems don’t change overnight — except when they do.

The institutions are here, and they’re building on Solana.

— Solana (@solana) April 17, 2025

While traders engage in their stop-go traffic routine, Janover, the Boca Raton real estate financing giant, is locking in new long-term support for Solana. A titan among ants! 🐜

In April, Janover hired former Kraken C-execs to build a corporate stockpile of Solana, following the example of Michael Saylor’s MicroStrategy. A bold move, or a foolish gamble? Only time, the relentless arbiter, will tell. ⏳

The Florida company bought an initial tranche of $20 million worth of SOL tokens. Meanwhile, it’s partnering with Kraken, delegating about half a billion dollars worth of Solana to proxy manage staking them. A veritable fortress of Solana! 🧱

In the past 7 days, the top 5 blockchains generated $29.15M in fees:

1⃣ @trondao – $12.49M
2⃣ @solana – $7.46M
3⃣ @ethereum – $4.68M
4⃣ @BNBCHAIN – $3.7M
5⃣ @base – $821K

— Nansen (@nansen_ai) April 18, 2025

While Ethereum awaits the blessing of Washington, Solana developers are implementing a strategy that worked for Bitcoin, delivering regulated SOL staking. A clever maneuver, outflanking the sluggish bureaucracy! 🦥

Crypto markets and stock markets rewarded Strategy/Bitcoin. MSTR stock started 2023 at $16 and traded this April for $316. Janover stock surged an astounding 1,500% in under 30 days. Such exuberance! Such capitalist frenzy! 🤪

Did you know $MANEKI 1 year anniversary is April 22nd, just 6 days away?

Everyone thought the luckiest cat on #Solana was dead… but it just clawed its way from $10M to $30M market cap in under a week.

Is $MANEKI about to go full nine lives mode?#Solana #Crypto $MANEKI #btc

— Eagle King (@Eagleblacking) April 17, 2025

4. NFT App OpenSea Rolls Out Solana Trading, a New Frontier

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

This is a big milestone in our multi-chain journey. Solana has some of the most passionate users and builders in web3.

Coins first, NFTs coming later. Most…

— OpenSea (@opensea) April 14, 2025

Adding to Solana’s integrations, OpenSea piloted SOL token swaps. Another brick in the wall, another cog in the machine! ⚙️

“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. Such progress! Such beta testing! 🧪

Meanwhile, 5 of the Top 7 blue chip meme coin gainers are minted by Solana: MANEKI, BROCC, AIDOGE, DOGEGOVCOM, and POPCAT. MANEKI, Japanese for lucky cat, posted a 255% weekly green candle. A veritable menagerie of digital absurdity! 🤡

what in the cabal is happening here?

these are all 15 min candles$maneki

— lyxe (@cryptolyxe) April 17, 2025

5. Four Solana ETFs Launch in Canada, a Northern Wind

Canada is readying spot Solana ETFs to launch this week after regulator gave green light to multiple issuers incl Purpose, Evolve, CI and 3iQ. ETFs will include staking via TD

— Eric Balchunas (@EricBalchunas) April 14, 2025

Finally, four Solana ETFs launched on the Toronto Stock Exchange, following a green light from the Ontario Securities Commission. A sign of the times, perhaps, or just another way for the wealthy to hoard their spoils. 💰

Solana led most other altcoins by the number of live applications at the SEC for a custodial exchange-traded cryptocurrency fund. Ripple was the leader, but Solana was second. Institutional demand for Ripple is strong. Such bureaucracy! Such waiting! 😫

Ripple, that other enigma, enjoys strong institutional demand. Standard Chartered forecasts a 525% upside from XRP‘s April price levels. A bold prediction, or just another capitalist lie? The future, as always, remains shrouded in the fog of uncertainty. 🌫️

Read More

2025-04-20 13:13