Key Takeaways:
Solana’s 15% surge and potential close above the 50-week EMA signal strong bullish momentum, which previously led to a 515% rally in 2024.
The $120 million in liquidity bridged to Solana reflects growing network confidence.
Solana (SOL) price gained 18% this week, signaling rising bullish momentum. The altcoin is approaching a pivotal point, with a potential close above the 50-week exponential moving average (EMA), a level that has historically catalyzed significant rallies.
In March, SOL dipped below the 50-week EMA and briefly dropped under $100 on April 7. Since then, Solana has staged a strong recovery, reclaiming key EMA levels (100W and 200W), with the 50-week EMA (blue line) now in focus.
Solana 1-week chart. Source: Cointelegraph/TradingView
Historical patterns reinforce a bullish outlook. In October 2023, SOL breached the 50- and 100-week EMAs, consolidating above these levels before rallying 515% by March 2024.
Notably, the relative