Solana (SOL) has developed a golden cross formation on its daily chart, a bullish technical pattern that has historically preceded extended rallies, delivering gains of at least 40% for the altcoin. This pattern previously drove SOL from $155.01 to $293.00 within just seven days in October 2024, when identical conditions emerged.
The golden cross materializes when the 50-day simple moving average surpasses the 200-day moving average, creating what crypto traders widely recognize as a bullish momentum indicator.
Currently, numerous traders and analysts anticipate a breakout from SOL’s present $174–$187 trading range, potentially propelling the token toward its 2021 peak levels around $250.
SOL Bullish Golden Cross Eyes $190 breakout as Arthur Hayes Joins Treasury Movement
At the time of writing, Solana is trading at $178.06, registering a 0.29% increase as it rebounds from its intraday low of $173.69. This recovery follows unchanged CPI data that boosted September rate cut probabilities above 86%.
Market participants view this development as bullish sentiment spreads across the crypto sector, with Ethereum leading gains through a 4% surge, pushing it to three-year highs above $4,400.
Ethereum’s explosive performance has raised questions about whether Solana can capture sufficient attention to drive its price beyond current weak resistance levels.
Crypto analyst Honeyxbt expressed measured skepticism, noting that she expected stronger performance from SOL bulls.
She said that while the golden cross pattern has emerged, the price action’s failure to breach the $190–$205 resistance zone remains disappointing.
Additionally, she acknowledged that SOL maintains technical strength and remains in an uptrend, trading well above its 200-day EMA. The token only requires additional momentum to sustain its bullish trajectory.
Recently, Upexi, recognized as Solana’s largest treasury company, appointed BitMEX co-founder and prominent crypto bull Arthur Hayes as the inaugural member of its advisory committee.
Hayes will guide strategy development and expand the company’s $SOL treasury holdings.
Hayes played a key role in Ethereum’s recent 60% recovery through his public endorsement of Tom Lee’s Fundstrat Ethereum treasury strategy, which has accumulated billions in ETH while championing its ascent to new heights.
Now working with Upexi, which has already secured $300 million to purchase Solana tokens for treasury expansion, Hayes brings proven expertise to SOL’s institutional adoption efforts.
Should this approach gain momentum, other companies pursuing Solana treasury strategies, including BIT Mining and DeFi Development Corp., may accelerate their SOL acquisitions.
SOL ETF Approval: 90% Probability for 2025
Another major catalyst supporting Solana’s golden cross formation toward $250 is the pending SOL ETF approval process.
In June, seven major issuers filed or amended applications for spot Solana exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC).
These submissions included applications from prominent asset managers such as VanEck, Fidelity, 21Shares, Franklin Templeton, Grayscale, Bitwise, and Canary Capital.
According to the latest Bloomberg ETF analysis, Solana leads approval probabilities with 90% odds of 2025 authorization.
Combined with treasury company accumulation and robust on-chain activity from memecoins, DApp revenues such as those from PumpFun, the BONK ecosystem, and an expanding stablecoin supply on the Solana blockchain, SOL appears positioned to compete with Ethereum as the next major large-cap opportunity.
Technical Analysis: SOL Golden Cross Flip Opens Way to $246
From a technical perspective, the daily SOL/USDT chart displays a bullish structure following a breakout from a descending channel and confirmation of the golden cross, where the 50-day SMA has crossed above the 200-day SMA.
The price is trading around $177, positioned between key resistance at $187.89 and support from the 50- and 200-day SMAs near $167.
Source: TradingViewA decisive close above $188 would clear the path toward the upper channel resistance at $225, with a potential medium-term target near $246 if macro conditions, including a potential September 25 basis point rate cut, align with bullish momentum.
However, failure to overcome the $188 threshold could trigger a retest of the $167 support zone, and a break below that level would compromise the bullish outlook.
The post Bullish Golden Cross Pattern That Delivered 40% Gains Since 2023 Returns – Can SOL Push to $250 Next? appeared first on Cryptonews.
