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Amid the bullish momentum in the crypto market, Solana ($SOL), the seventh biggest cryptocurrency by market capitalization, has gained a major spike of around 5.2% on Monday.
The spike in $SOL price was witnessed after the Bitcoin ($BTC) price soared above $74,000 on April 13. At present, the $SOL is revolving around $86.23 with a market capitalization of approximately $49.65 billion, according to CoinMarketCap.
Solana Follows Bullish Momentum in Crypto Market
Solana ($SOL) has witnessed a major breakout with strong upward momentum. There is a strong bullish momentum with a spike in trading volume. The daily trading volume of $SOL soared by around 31% and currently revolves around $5.11 billion at the time of writing.
According to previous data, the current price has already reached near the major resistance zone. It is advisable to wait for a small drop from the current price level to confirm the next major spike because momentum is clearly bullish. In such a situation, the market returns to retest support levels before continuing the upward momentum.
There is a major entry zone between $84.80 and $86.00 at the moment. Also, if the cryptocurrency fails to sustain a rally and faces a correction, then the stop loss should be placed at around $82.90 to avoid the risk of losing more money during the downfall. On the other hand, there are major profit targets at around $88 and $91, where traders can book their profit.
On Monday, the overall crypto market gained an upward momentum. After U.S. President Donald Trump announced a ceasefire to continue the peace talks, Bitcoin had witnessed a major rally in the last few days, helping the cryptocurrency to soar above $70,000. On April 13, Bitcoin ($BTC) price experienced a major breakout, soaring above $74,000.
This rally in Bitcoin ($BTC) has also triggered a correlation with other altcoins like Ethereum ($ETH). The cumulative market capitalization of the crypto market has jumped by 3.77%, soaring above $2.51 trillion. Along with this, the Ethereum ($ETH) price skyrocketed by 7.55%, increasing its value above $2,368.
However, there is still geopolitical tension in the Middle East after no conclusion came out from the meeting between the U.S. and Iran that occurred in Pakistan. Many other factors can decide the fate of the cryptocurrency market in 2026.
Solana Network Sees Impressive Growth with Record Active Addresses
The Solana network is growing with healthy activity that is gradually building an upward momentum. Solana led all blockchains in transaction volume during the first quarter of 2026 with more than 25 billion transactions.
(Source: Glassnode)
According to on-chain data, the number of token holders has reached a new record high of 167 million in April.
Solana’s on-chain activity is also growing rapidly, with the growth in decentralized finance. There are many new developments taking place on the Solana, including lending protocols, tokenized real-world assets, and others.
According to TradingView, the 14-day Relative Strength Index is currently sitting at around 68. This is showing that the cryptocurrency is currently in a buy zone, but still away from the overbought zone above 70. There is still a chance of upside before it enters the overbought zone.
MACD is also giving a sign of a small positive crossover. This is provided that there is a short-term strength if trading volume stays high.
Moving averages are giving mixed signals as the cryptocurrency is currently soaring above its short-term trend lines, such as the 5-day and 20-day averages, around $85. It is showing that buyers have taken control in the very near term.