Solana may be ready to climb higher as market conditions turn for the better after Trump’s recent trade tariffs wreaked havoc in the traditional markets, spreading into crypto.

After multiple volatile days, Solana seems to be in a good enough position to find a new bottom from which it can bounce off, following in Bitcoin’s steps.

From a technical perspective, Solana may be in a great position. With Solana’s fundamentals set in stone and its memecoin ecosystem going through new innovations, let’s see where SOL is heading.

Solana set for higher as memecoins gain new interest amid falling wedge signal

The Solana blockchain is known for its active memecoin ecosystem where traders are able to create memecoins within seconds, deploying them on Solana’s leading decentralized exchanges such as Raydium.

Outside of memecoins, Solana has been chosen by leading firms for tokenization efforts and new use cases. An example would be investment firm Franklin Templeton bringing their OnChain U.S. Government Money Market Fund (FOBXX) onto Solana.

Templeton has also filed for a Solana ETF with the SEC, aiming to launch the exchange-traded fund possibly within 2025 with staking enabled. As of April 16, Solana ETFs have been launched in Canada under issuers Purpose, Evolve, CI, and 3iQ.

Looking at Solana’s chart, the token has fallen over the past 3 months from highs of $277, down to $105 as of early April. 

With a falling wedge appearing on the chart, along with other leading altcoins, there’s a strong case to be made that the SOL token could be prepared for a breakout, which may already be occurring.

Momentum had dried up on SOL’s way down to $100. With some volume returning on this upside, Solana may be ready to make a move higher. 

SOL DeFi: Memecoins making a comeback?

Solana’s memecoin ecosystem has been innovating during Solana’s downtrend with Meteora and GoFundMeme, bringing new user incentives in a bid to grow their platforms. 

GoFundMeme is a memecoin launching platform whereby GFM token stakers earn 100% of the platform’s revenue straight to their web3 wallets.

On Meteora, a DeFi liquidity protocol, the platform is rolling out a 3% Launchpad Stimulus to bring new growth to the Meteora ecosystem. 

“A 3% allocation of MET will be channeled towards alignment with two key stakeholders — launch pools and launchpad ecosystem teams on Solana.”

The move aims to reduce the effects of diluted retail liquidity providers and allow for more launches with LP opportunities.

Also, with Pumpfun launching PumpSwap, users are now able to swap tokens via the Pumpfun platform itself instead of leaving to third-party decentralized exchanges.

With GoFundMeme’s “Stimmy season is coming soon”, post on Twitter/X, a memecoin resurgence, similar to Solana’s memecoin season in 2024 could be right around the corner thanks to these new incentives.