According to Real Vision analyst Jamie Coutts, Solana (SOL) appears to be gearing up for its next upward movement in price.
In a recent update on the social platform X, Coutts highlights that SOL has been “coiling” within a significant triangle pattern for the past six months, suggesting that a breakthrough in resistance could lead to a volatile upward surge.
As the price of SOL experiences consolidation against both USD and Bitcoin (BTC), Coutts notes that many on-chain metrics have shown improvement.
“The coiling price behavior over the last half-year has correlated with notable increases in active addresses, total value locked (TVL), and stablecoin market capitalization. However, chain utilization indicators have seen a general decline, as the rise in active addresses hasn’t resulted in a matching increase in economic value (fee revenue)—possibly due to unique on-chain dynamics being manipulated.
Nevertheless, the chain continues to thrive as a hotspot for decentralized application (dApp) development and is now in competition with Bitcoin for daily fee income.
Importantly, the coiling price movement is observable on both the absolute chart and the relative chart compared to BTC.
Upon breaking through to the upside, the price target from the large triangle pattern for SOL is estimated to be around $210-$220, which could signify the first milestone in the upcoming bull market wave.”
As of this writing, SOL is currently priced at $165.
Real Vision CEO and macro strategist Raoul Pal recently mentioned that a decisive break above $160 for Solana and $70,000 for Bitcoin could pave the way for a genuine altseason.
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