Solana News Today: "36 Days of Waiting: Solana's Breakout Could Be Nigh"

SOL Price Poised for Breakout After 36-Day Consolidation, according to a widely followed crypto analyst, who has identified a key technical pattern forming on Solana’s chart. The asset has spent over a month in a consolidation phase, and recent market activity suggests it may be on the verge of breaking through a critical resistance level. Bluntz, a pseudonymous trader with over 327,000 followers on X, highlighted an ascending triangle pattern on Coinbase’s SOL chart since July 24, which is often interpreted as a bullish continuation signal. The analyst suggests the 36-day sideways movement is nearing its conclusion and could soon trigger a significant upward move in the token’s price [1].

Technical indicators further support the possibility of a breakout. Solana is currently trading at $202.34, with a weekly gain of 11.9% and a monthly rise of 4.4%. The asset has also increased by 28% year-to-date, showing consistent upward momentum despite periods of consolidation. The recent price range on a 24-hour basis has been between $187 and $205, with the broader seven-day range stretching from $179 to $212. However, a recent dip below $190, following a rejection at $205, has raised concerns about the strength of key support levels, particularly $176 [1].

Traders are closely watching for confirmation of a breakout above $207, a level that has repeatedly acted as a cap on rallies since March. If this level is breached with strong volume, price projections by analyst Ali Martinez suggest potential targets at $250, $277, and possibly $300 [1]. On the other hand, Solana’s recent on-chain activity shows mixed signals. While active wallets on the network have increased to nearly 3 million, and blockchain throughput has tripled since July, network fees and transactions have declined by 17% and 10%, respectively, compared to the previous week [2].

Despite the volatility, Solana’s fundamental position remains strong. Institutional interest is growing, with Visa launching a pilot program for USDC settlements on the Solana network and Pantera Capital raising $1.25 billion for a Solana-focused fund. Additionally, Galaxy Digital and Jump Crypto are reportedly working on a separate $1 billion reserve, signaling continued institutional support for the platform [1]. The broader macroeconomic environment, combined with growing real-world adoption, could provide the necessary tailwind for a technical breakout.

A potential catalyst for further price movement is the upcoming decision by the U.S. Securities and Exchange Commission (SEC) on multiple Solana spot ETF applications. Bloomberg analyst Eric Balchunas estimates the approval odds above 90%, although the decision is expected by mid-October. Meanwhile, a large whale recently unstaked nearly 100,000 SOL, worth $18 million, and transferred it to Binance, raising questions about possible selling pressure from major holders [2].

Source:

[1] Solana Price Poised for Breakout After 36-Day Consolidation (https://cryptopotato.com/sol-price-poised-for-breakout-after-36-day-consolidation-analyst/)

[2] Solana (SOL) Price: Technical Analysis Shows Accumulation Pattern Near $200 Resistance (https://blockonomi.com/solana-sol-price-technical-analysis-shows-accumulation-pattern-near-200-resistance/)